James Dewhurst weaves profit growth
HIGH performance textile manufacturer James Dewhurst has reported another strong year of growth – but says its European and US businesses are seeing contrasting fortunes.
The company based at Altham near Accrington and backed by private equity firm AAC Capital and which makes reinforced fabrics for industries such as automotive, packaging and construction, grew profits 12.5% to £4.5m in the year to the end of March.
Turnover rose 1.3% to £49.3m as higher international sales of £38.5m (2011 £36.4m) compensating for a £1.4m fall in UK sales to £10.8m.
Reviewing the business performance, finance director Stephen Bentley said: “2011/12 was another year in which the group enjoyed a strong performance in the first half of the year, but experienced a down turn in activity in the autumn of 2011 that continued into 2012.
“The deterioation is attributed to the group’s exposure to Europe and Southern Europe in particular, during a period when many economies went backwards and to the construction sector where both residential and non-residential building was in decline.
“In contrast , our US business has seen an improvement and demand for our non-woven products has been stronger.”
Mr Bentley said these trends had continued in the current financial year. The company which has a manufacturing base in the US and two in Europe, employs 275 people.
Net assets rose from £31.6m to £35.6m in the year.
