Bosses at Fraserburgh-based engineering firm Gray & Adams (G&A) have described its three-year trading performance as “reasonable” in challenging circumstances.
They also reported a “sizeable” order book going into the new year.
G&A’s refrigerated rigids and trailers are a familiar sight on roads throughout the UK and beyond.
They are used by household names such as Tesco, Sainsbury’s, Asda, Morrisons, Aldi, Iceland and the Co-op.
The company had more than 750 people working across its operations during 2023.
2022-23 figures reveal big jump in profits and turnover at Gray & Adams
G&A told The Press and Journal the trading climate during the year to April 30 was “challenging” due to the onset of the Ukraine conflict and it’s impact on supply chains.
Even so, the family-owned firm grew pre-tax profits by 5% to £9.4 million in 2022-23.
This was up from £8.5m the year before as sales rose by 9.9%, or £16.9m to £187m.
Over the past three years, sales and profits at the firm have averaged £168.7m and £8.6m respectively.
Bosses said this was “testament to the workforce who have ensured the business continued to operate safely throughout this period”.
A statement from the company added: “The group has a sizeable order book as we look towards 2024, with a varied product mix.
“We, therefore, expect these levels of activity to continue as we navigate our way through the current UK economic challenges.”
G&A started 2023 on a high after its joint managing directors, brothers James and Peter Gray, 68 and 65 respectively, were made OBEs in the New Year Honours List.
On the 2022-23 results, James Gray said: “The business continued to navigate through the various challenges caused by the pandemic and Ukraine conflict.
“It has seen another successful year, which is a credit to the commitment shown by the workforce.
“We have a strong order book and can expect strong levels of activity to continue.”
“However, we are mindful of the impact from both price inflation, supply issues and the difficulties within the UK economy, which are an ongoing challenge.”
Peter Gray said G&A’s “strong” financial performance was “a direct result of the continued success of our products”.
He added: “We also continue to invest in our facilities, introducing new, efficient machinery in 2023 to ensure the operations teams remain leaders in their class.”
Investments like this are helping make sure the firm can “continue to produce our products to the high standard of quality that our customers are accustomed to,” he said.
G&A has operations in Fraserburgh, Dunfermline, Belfast and Doncaster
The firm, founded in 1957, continues to build for the future in other ways too.
A multi-phase investment in Fraserburgh has delivered a new vehicle accident repair centre, which is now operational and “providing a benefit to the business”.
G&A operations include production facilities in Dunfermline, Belfast and Doncaster, as well as the company’s headquarters on Shore Road, Fraserburgh.
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