Fife commercial laundry business Fishers has made a profit for the first time in four years.
Newly filed accounts for the Cupar company for 2023 revealed pre-tax profits of more than £3.8 million, compared to a £608,000 loss in 2022.
Fishers struggled when the pandemic hit in May 2020, losing 90% of its trade and closing its Perth laundry.
However, its recovery saw the firm reopen the facility two years later, creating 80 jobs.
The company’s profits last year were the highest since 2015.
Turnover grows by £6.6 million
Fishers also saw a record-breaking turnover in 2023 of £47.4m, rising from £40.8m the previous year.
A spokesperson for the company said: “Fishers’ 2023 financial results saw a welcome return to profitability at a pre-tax level for the company.
“Finally shaking off much of the impact that the Covid pandemic had on the hospitality industry as demand for both business and leisure travel continued to recover.
“While this was a welcome performance enhancement, our costs continued to be impacted by increases in the costs of natural gas and electricity, primarily due to geopolitical events in Europe.”
Founded in Aberfeldy in 1900, Fishers also has facilities at Coatbridge, Livingston and Newcastle.
The company’s average monthly staff numbers grew by four in 2023. Fishers now employs a total of 689 people across its sites and spent £17.8m on wages in the year.
Fishers laundry services expects ‘good level of business’
The firm said it is expecting a good level of business activity in the rest of this year.
It also confirmed it is making “significant capital investments” in the financial year.
The spokesperson said: “We expect a good level of business activity in 2024 with sustained levels of business and leisure travel helping to maintain volumes.
“We are making significant capital investment in 2024 to continue to improve our productivity and energy efficiency, in order to offset rising wage and energy costs.
“Our people are vital to Fishers’ success and we remain grateful to them for their continued hard work, application and diligence.”
The business was sold to Canadian giant K-Bro in a £35m deal in 2017.
Conversation