Profits grow at Cartwright
TRAILER maker Cartwright Group grew pre-tax profits by 63% to £895,949 in the year to April 2 2011, despite a £3m drop in sales to £52m.
The family-owned company, which is run by Steven and John Cartwright from a 38-acre site in Altrincham, said that it was “satisfied” with its performance given the poor economic conditions.
Director Steven Cartwright said: “The latest set of company accounts to March 2011 show a significant increase in pre tax profit, but this has to be taken in context when compared to relatively low profits over recent years.
“The improved profit conversion for 2011 shows positive progress and is in line with expectations after two or three years of particular tough market conditions.”
The firm said that next year’s figures will be hit by a one-off charge of £350,000 relating to its trailer hire joint venture company. The increasing costs associated with running older trailers has given them a reduced resale value, thereby meaning it is likely to declare a loss on future sales.
It added that it will be “more selective” in terms of which ex-leasehold trailers it adds to its rental fleet in the future.
Despite this, the firm expressed confidence that it would deliver improved results for the year to April 2012.
“The company does expect to see significant improvement in turnover and profitability in the current year in line with its future growth strategy,” said Steven Cartwright.
The company, whose former chairman and co-founder Alan Cartwright passed away late last year, has also been investing in its sprawling site by Broadheath Business Park.
“In recent months S Cartwright & Sons (Coachbuilders) has invested substantially in a new head office complex and in capital expenditure in new technology and will continue its policy of investing in product development and innovation, with the ultimate beneficiary being the customer.”
