Dundee manufacturing firm JTC has recorded its best profits for more than a decade.
The major local employer supplies kitchens, bedrooms and bathrooms across a range of sectors, including social housing.
JTC was acquired in April by Northern Irish firm Woodland Kitchens, who vowed it would be “business as usual”.
Newly filed accounts at Companies House show a strong performance by the JTC last year.
Sales rose from £25.1 million in 2022 to £29.3m with pre-tax profits increasing from £766,702 in 2022 to £1.4m.
JTC employs almost 250 people in Dundee at the former Timex building on Harrison Road and Manhattan Works.
Reasons for Dundee JTC profits rise
The level of profits is the highest since 2011.
The successful year follows a challenging 2022 when energy costs doubled and some materials increased in price every month.
In his strategic report director Brian McCloskey said: “Profitability improved as worldwide supply chain issues settled following a turbulent time during 2022.
“Business has continued to remain strong with the focus on growing the contract kitchen business.”
Mr McCloskey, who founded Woodland Kitchens in 1987, said profit margins increased despite paying higher wages and distribution costs.
He said JTC has taken steps to ensure supply chain continuity following disruption caused by “the Covid-19 pandemic, the continued implementation of Brexit and the ongoing impact of the Ukraine conflict”.
He said 2024 had been a successful year so far.
“The company started 2024 profitably and business levels remain strong with the focus on growing the contract kitchen business,” he added.
“New markets and opportunities are constantly being reviewed and evaluated.”
Woodland Kitchens acquisition
The business employed 247 people in 2023, the same number as 2022. The cost of wages, social security and pensions rose from £7.5m in 2022 to £8.6m last year.
A dividend of £1.1m was paid in 2023, up from £312,800 in 2022.
At the time of the acquisition, Woodland Kitchens, headquartered in Ballymena, said the merger made “perfect sense” and the two companies would work in a “collaborative approach”.
Connor McCloskey, chief executive at Woodland NI, said: “Woodland has enjoyed strong organic growth in recent years but we have kept one eye on strategic, additive acquisition opportunities.
“The partnership with JTC was a move that made perfect sense in terms of scale, common values, capabilities and level of ambition.”
Woodland Kitchens‘ acquisition was backed by billion-pound capital investor BGF.
As a result of the buy-out, the firms will now have an expected combined turnover of more than £50m.
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