£100m-turnover coatings company back in the black
Sheffield coatings company Sherwin-Williams Diversified Brands is back in the black after a successful year.
The company manufactures surface coatings for the DIY and trade sectors, specialising in woodcare and waterproofing products. The Sherwin-Williams group owns the Ronseal brand and has sites in Bolton and Plymoth as well as Sheffield.
It achieved pre-tax profits of £1.7m in the year to 31 December 2018, compared to a loss of £9.9m in 2017.
Meanwhile, it also reported an 8% increase in turnover to £99.4m, up from £92.1m the year before. Last year it reported a 5.3% decrease in revenue.
It employs 370 people in Sheffield, and is owned by The Sherwin-Williams Company, based in Ohio, US. Its UK group employs around 650 staff
Sherwin-Williams said this was down to improved weather conditions over the past year, which saw demand increase for its exteriors range, as well as price increases.
In a statement in its end of year results released to Companies House, the company said: “Competitive pressure in the UK is a continuing risk for the company, which could result in it losing sales to its key competitors. The company manages this risk by providing products with unique selling points supported by well known advertising.
“Continued investment in improving the efficiency of the business is planned to ensure the impact of increasing volatility of cost increases is kept to a minimum.
“The continuing uncertainty over Brexit and the risk of a Hard Brexit with the possibility of associated tariffs and delays have been minimised in the short term by inventory build throughout the supply chain.”
