BARR + Wray, the upmarket swimming pool specialist, has recorded a 10 per cent fall in profits as the downturn in the North Sea weighed on its water process equipment arm but is eyeing growth in the current year.
The latest accounts for the Glasgow-based group show Barr + Wray made £1.3 million pre tax profit in the year to 30 September, compared with £1.45m in the preceding year.
Sales increased to £18.2m from £15.6m.
Finance director Ian Montgomerie said the fall in profits partly reflected a drop in orders for pumps and filters for use by oil and gas firms on North Sea facilities.
Privately-owned Barr + Wray used to focus on distributing processing equipment items such as pumps before diversifying into the swimming pool business.
The mix of swimming pool work in the UK was less profitable in the year to September than in the preceding year.
However, Mr Montgomerie said the company is on course to increase profits slightly in the current year after performing in line with management forecasts in the first quarter.
He noted signs that North Sea related business is starting to pick up. The increase in the crude price since November 2016 has helped boost confidence in the area.
Led by chief executive Alister McDonald, Barr + Wray has won orders to work on pool and spa facilities in the Barrhead Foundry leisure centre and upmarket hotels in London and Macau in recent months.
In the strategic report in the accounts, Mr Montgomerie said directors thought the results for the year were commendable.
He noted the risk posed by the downturn in the global economy. However, the strength of the order book at the year end combined with the group’s healthy financial position and strong brand helped mitigate this significantly.
New subsidiaries established by the group in Hong Kong and Dubai further mitigated the risk by creating new income streams.
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