Scotland’s largest machinery ring enjoyed a boost in turnover and profits last year.
Ringlink, which has offices in Coupar Angus, Elgin, Laurencekirk and Oldmeldrum, recorded pre-tax profits of £157,749 for the year ended July 31, 2018. This is up more than threefold on last year’s profits of £33,617.
Turnover was also up 21% to a record high of £1,573,574, from £1,298,260.
In his annual report, Ringlink chairman Andrew Moir, who farms at Mains of Thornton, near Laurencekirk, said the machinery ring reached a “huge milestone” in July by completing its 30th year of operation.
“It is quite remarkable to see how the business has developed and the changes that have taken place, and it is interesting to consider where the business will be in another 30 years.”
He said a key achievement had been the development of its pre-apprenticeship scheme, which will now be rolled out across Scotland thanks to more than £100,000 funding from the Scottish Government.
On the ring’s performance in the past year, Mr Moir said: “This year, Ringlink’s results show a record turnover together with a small profit reflecting an increased usage by members and higher commodity prices achieved.
“Similarly our services division has had another good year with an increasing demand for labour most evident, and training, although slightly down, still reporting strongly.”
Accounts for the services division – Ringlink Services Ltd – show an increase in turnover against a drop in surplus before taxation.Turnover was up 15.7% to £6.181 million, from £5.342m in the year before.
The surplus before taxation was down 88% to £13,486, from £114,968.
In his annual report, Ringlink managing director Graham Bruce said 2018 had been a “memorable and accomplished year”.
He said: “Every year has its own challenges but by working together the Ringlink team works tirelessly to offer solutions and to respond to our members’ requirements and I sincerely appreciate the commitment from their entire team as their efforts have, without a doubt, contributed to this year’s record performance.” Mr Bruce praised the development of the pre-apprenticeship scheme and urged members to get involved.
He said: “It is vital industry steps up and offers young people the chance to develop their skills, if we are to have the multi-skilled workforce that the industry requires.” Mr Bruce said a highlight of the year was the ring’s 30th anniversary dinner, where more than £45,000 was raised and split between five charities – Cancer Research UK, Diabetes UK, Motor Neurone Disease Scotland, RSABI and the Scottish Association for Mental Health.