Engineering business posts strong performance despite major customer collapse
An engineering firm has seen its profits and revenue jump up despite one of its major customers entering liquidation.
In its annual report posted on Companies House, On Line Group, based in Immingham, said its revenues for the year ended 31 March 2019 stood at £41m – a 3.1% rise from £39m. Pre-tax profits rose to £1.4m from £1.2m.
The business said its success was achieved by an upturn in its design, consultancy and project management side of the group.
On Line Group, which provides services to the power, oil, gas and chemical industries, added that its profits rise showed “an excellent recovery after the difficult year suffered by Anglia Engineering Solutions in 2018.
“The Group has suffered from some exceptional bad debts during the year of £824,000 largely due to the liquidation of a major customer. However, despite this, the group has still managed to improve profit before tax achieved.
“These impressive results in the face of a large bad debt highlight the strength of the group’s trading performance and the strength of the balance sheet has only improved during the year to £11.3m from £9.9m in 2018.”
The firm is currently preparing to move into its new multi-million pound HQ after receiving full planning permission for the development in February.
