Tough conditions last year hit trade at decorative laminates manufacturer Formica Ltd.
Annual accounts for the year ended June 30, 2013, show a reduction in turnover of 9% from £70.1m to £64m during the period, in which the economic environment was said to be weak.
Operating losses, meanwhile, went from £1.1m in 2012 to £5.8m, while profit before tax fell from around £3.1m to £2.6m.
Formica Ltd, part of the Newcastle-headquartered Formica Group, manufactures high-pressure laminate on a site at North Shields, and bonded worktops at Newton Aycliffe.
During the year, the business continued to invest in its UK operations, with further developments in health and safety initiatives, improvements to warehousing and distribution capabilities, and the introduction of a specialist learning and development programme, focused on driving success through people.
Significant global investment has also been made in digital technologies and, as part of a continued focus on sustainability, a new regenerative thermal oxidiser has been installed at the North Shields facility, reducing manufacturing exhaust emissions to extremely low levels.
The company expects the year ending June 30, 2014, to show a reduction in operating losses through increased sales and manufacturing efficiencies.