Fraserburgh company Gray & Adams (G&A) has followed up an another year of prestigious award successes by announcing a healthy set of annual results.
The family-owned engineering firm came into 2023 on a high.
Its joint managing directors, brothers James and Peter Gray, 67 and 64 respectively, were made OBEs in the New Year Honours List.
And G&A, whose refrigerated rigids and trailers are a familiar sight on roads throughout the UK, also scooped one of the top gongs at an industry awards ceremony.
It came away with the refrigerated trailer of the year title for a seventh consecutive year.
Latest honours bolster company’s impressive list of achievements
Previous accolades for G&A include a Queen’s Award for Enterprise, in April 2020, and a posthumous lifetime achievement award for Jim Gray, the company’s late founder.
Mr Gray senior died in February 2021, aged 86, following a short illness and within eight weeks of losing his wife of 66 years, Norma.
G&A’s results for the 12 months to April 30 2022 show pre-tax profits rose to just over £8.5 million, from £8 million the year before.
Sales raced ahead by more than 14% in the latest period, to £170.6 million, with the company crediting its workforce and business model, as well as the success of its products.
The 2021-22 trading figures also reflect the company’s recovery from Covid disruption.
James Gray said: “The financial year to April 2022 marks the first full year of uninterrupted production after the Covid lockdowns that had an impact at the start of the previous financial year.
“The business continued to navigate through the various challenges caused by the pandemic and has seen another successful year, which is a credit to the commitment shown by the workforce.”
G&A expects strong levels of activity to continue, James Gray said.
But he added: “We are mindful of the impact from both price inflation and supply issues which are an ongoing challenge.
“We continue to build for the future with a multi-phase investment project in Fraserburgh which has seen the completion of a brand new 10-bay multifunctional facility, which is now operational and providing a benefit to the business.”
The business continued to navigate through the various challenges caused by the pandemic and has seen another successful year, which is a credit to the commitment shown by the workforce.”
James Gray, joint managing director, Gray & Adams.
Peter Gray added the firm was also nearing the completion of a new accident repair facility for car and commercial vehicles, and this would be up and running very soon.
The two brothers hailed sales and profits averaging £156 million and £7.7 million respectively over the past three years as “reasonable considering the challenges that have impacted the group”.
‘Sizable’ order book
They also highlighted a “sizeable” order book at the start of 2023, with a varied product mix.
The pair expect present levels of activity to continue “as we navigate our way through the current UK economic challenges”.
G&A, founded in 1957, employed 744 people during 2022.
The company’s lorry bodywork and trailers dominate the market and are used by household names such as Tesco, Sainsbury’s, Asda, Morrisons, Aldi, Iceland and the Co-op.
Jim Gray’s vision, energy and drive built the firm from humble roots as a car body repair workshop at 43 School Street in 1957 into one of the UK’s leading family-owned manufacturing businesses.
As well as its current headquarters on Shore Road, Fraserburgh, G&A also has production facilities in Dunfermline, Belfast and Doncaster.