Plumbers' merchants T Crossling & Co has said it increased its profit for the year by 47% to £2.2m last year against a background of continuing challenges.
Accounts published for 2013 by the Newcastle-based plumbing and pipeline merchants, show turnover increased by 1.9% to £54.3m over the year, while pre-tax profit also soared by 43% to £2.9m.
The firm, which has traded for more than 150 years, serves both the commercial and domestic sectors and operates from 16 branches across the North, but has suffered tough trading conditions in recent years.
The company’s financial statements for the year ending December 31, 2012, showed profit dropped to £1.5m from £2.2m in 2011 and turnover likewise fell from around £61m to £53m during the same period.
This year’s figures show a return to growth and directors said they were pleased with the development and performance of the group’s business during the year.
The strategic report accompanying the financial details said: “Against a continuing backdrop of challenging trading conditions the group achieved a respectable increase in sales, margin and profitability.
“The improvement in sales was greater during the second half of 2013 which together with a close control of costs enabled a strong finish to the year.
“As evidenced by its balance sheet the group finances remain in an extremely healthy position with net assets at year end in excess of £29.5m.
“For the year ahead the economic outlook appears to be marginally improving which the directors anticipate will enable further increases in sales and profitability.”
The group also said it planned to relocate its plumbing and plastic operations in Doncaster to two separate locations in Doncaster and Sheffield, and that the current Doncaster site will be sold.