A family-owned automotive-parts distributor based in Aberdeen more than doubled its profits despite being affected by the oil and gas industry slump.
Dingbro, whose red branded vans are a regular feature on roads across Scotland, said an IT-led efficiency drive saw its pre-tax profits rise from £3.7million to £8.1million in the year ended 30 September 2015.
James Dingwall, the company’s co-founder and managing director, said: “The oil and gas cutbacks has affected our industrial division – a drop in sales is predominantly down to the oil and gas, the same as everybody else.
“The motor factoring side of the business, we have got growth.”
He said he expects “much the same” conditions to prevail in the next year, adding that the result of last week’s vote to leave the European Union represented “unknown territory” for the firm.
It is thought the business, which imports automotive parts, is subject to the effects of a weaker pound.
Revenues at the firm fell slightly to £136.3million from £137.4million in the prior year.
Mr Dingwall set up the company alongside his brother Ken in Fraserburgh in 1973, and has seen it grow into a firm which has 28 sites across Scotland and 1,281 employees – down slightly from 1,312 in the prior year.
The accounts said the Mr Dingwall paid £8.5million to Ken Dingwall, 69, to buy out his share in the business as he retired.
In a statement in the accounts, the firm said: “During this still flat market, difficult trading and financial times, the company has taken the opportunity this year of continuing to consolidate our position in the Scottish market place.
“Our results for the priod reflect our long term approach to the business as we continue to invest in stock, stock management, information technology and garage computer systems and support packages to help our customers with future technology.
“Clearly the aftermarket is not immune to the market pressures which has led to an extremely competiive market and we have had to respond to that competitiveness. Our focus remains on building a business of significant scale and quality.”
