Printing and packaging firm sees profits tumble after ‘disappointing’ year

A Nottingham packaging and greeting card manufacturing group has seen profits crumble after a “difficult” year.

The Sherwood Group, which employs 90 people from its site at Glaisdale Drive West, suffered from supply chain issues, as well as machinery failure – both of which impacted profits, which fell from £395,638 in to the end of April 2021 to £44,384 over the same period this year.

The machinery breakdown in April impacted production for ten days in April, with new parts having to be sourced from Europe and the US. Sherwood Group bosses estimated the incident cost the business some £60,000.

Despite this, the firm’s newly-filed accounts show that it has “no particular pressures” on cashflows and a healthy balance sheet of over £4.1m. It is hoped that its largest-ever investment in capital machinery will increase productivity and profitability in the year to April 30 2023.

The Sherwood Group has been trading since 1976 and was founded by Barbara Bacon, who started the firm in Beeston with a £10,000 investment.