Brexit a “positive” says bullish Airedale as profits grow

Manufacturer Airedale Chemical has said that the decision to leave the EU has been a “positive” one for the firm, directly affecting the sales of a new product, as pre-tax profits increase sixfold.

Airedale said the launch of its peracetic acid product has been aided by the weakened sterling, allowing opportunities in Europe and beyond that “would not have arisen otherwise”. It said it had entered into foreign exchange contracts to protect margins prior to June 2016.

It said: “We feel as a board that as article 50 is unwound into full flight, there will be challenges, however in the main, outside of ‘red tape’ business is about right pricing and right quality. This is the key to successful overseas relationships not political opinion.”

Airedale reported revenues of £42.2m for the year to December 2016, up slightly from the £41.7m it returned the year before.

A focus on “squeezing” overheads to maximise profitability resulted in pre-tax profits increasing sixfold, from £328,010 in 2015 to £2.0m.

Pleased with performance, sees it as a “benchmark” for future years. In 2015, Airedale completed a £3m site expansion, increasing their square footage by 50%.

During 2016 Airedale also acquired Keighley food chemicals business Rigest, looking to create a diversified £55m business once it is fully integrated.