Manufacturer back in the black with £9m profit hike

GRIMSBY-BASED manufacturer Lenzing Fibers is back in the black after a difficult year in 2014, increasing profits by £9m.

The company which manufactures lyocell fibres returned revenues of £64.6m for the year to 31 December, up slightly on last year’s £63.8m.

Last year it made pre-tax losses of £3.3m, but has managed to return to the black, making £6.46m in 2015.

The company said results were “encouraging” as it continued to invest in research and development during the year, saying that trials could make “significant” contributions to future growth.

Lenzing exports most of its product to Asia, with £49.5m of its turnover coming from Asian markets.