Difficult trading conditions have hit the finances of Newcastle-based plumbing and pipeline merchants, T. Crossling and Co.
The company’s latest financial statements for the year ending December 31, 2012, showed profit dropped to around £1.5m from £2.2m in 2011.
Turnover likewise fell from around £61m to £53m during the same period. Headquartered on Newcastle’s Coast Road, T. Crossling has a total of 14 branches.
Trading for more than 150 years, the firm serves both the commercial and domestic sectors, and during the year ending December 31, 2012, its average number of employees fell to 305, compared to 330 the previous year – although redundancies were few, as the company relied on not replacing those who left in order to reduce staff numbers.
The directors’ aggregate remuneration, including pensions, was £242,000 compared with £355,000 the previous year, while remuneration of the highest paid director, including pension, was £80,000, compared with £121,000 the year before.
T. Crossling’s finance director Kevin Clifford said he was pleased with the annual results, given difficult trading conditions. Businesses that are construction-related are still going through very difficult times,” he said.
“We are very a sizeable merchant in the North of England and the severity of the impact of the recession increases the further north you go.”