BOSSES at Balmoral Group Holdings of Aberdeen are celebrating the firm’s annual turnover topping £60million for the first time.
In the group’s latest annual report, Chairman James Milne said: “What is even more pleasing is the fact that we were able to increase our profitability whilst significantly reducing our borrowings. The company is on a solid financial footing as we enter the new decade.”
The report, which has just been released by Companies House, shows pre-tax profits of £10.77million on turnover of £60.56million during the year to March 31, 2010.
This compared with a trading surplus of £2.03million on turnover of £37.73million in 2008-09.
Mr Milne said: “The Comtec (offshore engineering) business led the way by increasing sales by over 100% in the year, to just over £50million.”
Strong growth in exports during the period – more than 95% of the Comtec division’s sales were overseas – was recognised in Balmoral getting a Queen’s Award for Enterprise.
The group employs more than 300 people and operations include Balmoral Comtec , Balmoral Sectional Tanks, Balmoral Tanks and Balmoral Park.
Mr Milne said a slowdown in the construction sector hit Balmoral’s sectional tanks business, causing a 14% slide in sales, but the impact was not as bad as expected.
Balmoral Park – set up to oversee the proposed Balmoral Business Park development at the southern gateway to Aberdeen, was also impacted by the recession, said Mr Milne, adding that the project was put on hold until the property market picked up.
The highest paid director at the company in 2009-10 earned emoluments of £269,000, up from £181,000 the year before.
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