One of the north-east’s most successful firms marked its 60th anniversary with a record-busting financial performance.
Fraserburgh-based Gray and Adams said results for the year to April 30 were “exceptionally good”, with sales increases notched up for all its main product lines.
Gray and Adams manufactures temperature-controlled and dry freight trailers and vehicles.
The group has diversified its product range in recent years to include refrigerated storage, insulated side-access trailers and mobile shops, as well as prisoner escort vehicles.
Many of the trailers being driven around the UK’s road network and further afield originate from Gray and Adams, which employed more than 730 people across operations in Fraserburgh, Dunfermline, Belfast, Doncaster and Bedford during 2017.
The 2016-17 accounts for Gray and Adams Holdings show turnover and pre-tax profits both increased by 19%, to £148.3million and £9.7million respectively. Net assets increased by £7.6million to £33.4million.
Finance director Mark Grant said: “We are accustomed to building large-quantity orders but the year’s results were boosted by a handful of large trailer and truck body orders that are not an annual occurrence. As a result, production levels across all our four manufacturing locations increased and productivity improvements led to greater profits.
“We have seen our profitability improve year-on-year in the last five years and it was fitting that we had our most successful year to date in 2017, which recognised the company’s 60th anniversary.”
Joint managing director James Gray added: “Whilst 2018 will see a slight decrease in both activity and profit levels, we remain focused on maintaining our market-leading position and are currently considering a number of major capital investment projects.”