The family-owned firm behind waste-management specialist Taylors Industrial Services has suffered a sharp fall in profits following a property revaluation.
Adria Group, which is controlled by Adrian Taylor and his son, Kevin, saw pre-tax profits tumble to £4.7million during the 12 months to October 31, 2016, from £12.4million previously.
A spokeswoman at Taylors declined to comment on the trading performance.
But in a strategic report in accounts lodged at Companies House, Kevin Taylor revealed a revaluation of investment properties during 2015/16 wiped £6.1million off the balance sheet.
And he insisted the group was in a strong financial position despite a challenging trading environment amid the north-east’s economic downturn.
He added: “Adria Group operates across a number of different sectors, the largest single area being within the waste disposal industry.
“The main focus of those activities is the North Sea oil industry, both in terms of offshore and onshore waste.
“In addition, the group has substantial property interests – all of which are situated within Aberdeen and the surrounding area. The values of these properties are, therefore, subject to local market conditions and the level of demand that exists.”
As well as Taylors, Adria owns landfill site operator Easter Hatton Environmental (Waste Away), property firm Deedream and the Cairnton Estate on Royal Deeside.
Mr Taylor said “a sustainable part” of group profits were retained within the business, which helped to boost shareholder funds to £66million.
Some of this would be used to meet the continuing costs of landfill work, including an extension to its site at Easter Hatton, near Balmedie, he added.
Turnover at the Aberdeen-based group slid to £27.8million, from £28.7million last time.
The group employed 129 people on average during its last full trading year, compared with 126 in the previous 12 months. The highest earning director received £172,550, up from £124,980 the year before.
Founded by Wyllie Taylor – Adrian’s father – in 1962, Taylors originally began working for the granite trade and local paper mills.
As the oil industry began to grow, Taylors expanded its services to offer bulk fluids transportation and industrial and marine tank cleaning.
It later branched out into waste treatment and recycling.
The company’s headquarters are at Adria House in Altens Industrial Estate.
