Gray & Adams Group reports profits of almost £10m

Last year Peter and James Gray took HRH Prince Charles on a tour of the company’s Fraserburgh headquarters

Gray & Adams Group reports profits of almost £10m

Scottish freight vehicle manufacturer Gray & Adams has announced a sharp rise in turnover - with pre-tax profits sitting at £9.7m for the last financial year.

The family-owned business, which supplies trailers to most of the UK's major supermarket chains, saw its turnover increase by 19% to £148.3m in the year to April 30, 2017. 

The Fraserburgh-based company also gained a proportional increase in profit of £8.1m to £9.7m – with net group assets increasing by £7.6m to £33.4m.

Mark Grant, group finance director, said the latest positive figures were due to additional orders which are not a regular occurrence.

He said: “These results are exceptionally good with increased sales in all our primary product lines. We are accustomed to building large quantity orders but this year’s results were boosted by a handful of large trailer and truck body orders that are not an annual occurrence.

“As a result, production levels across all our four manufacturing locations increased and productivity improvements have led to greater profits.” 

Joint managing directors, Peter and James Gray, conducted HRH Prince Charles on a tour of the company’s Fraserburgh headquarters to celebrate its milestone 60th Anniversary. During his visit, the Duke of Rothesay met with staff from all levels of the business and viewed the production facilities.

Mr Grant added: “We have seen our profitability improve year-on-year in the last five years and it was fitting that we had our most successful year to date in 2017 which recognised the company’s 60th anniversary.”

James Gray, group joint managing director, said: “Gray & Adams’ reputation has been built on quality so we will continue to develop our skills and improve our range of products for all our customers. It’s been an exceptionally busy year and I am very proud of the dedication and hard work shown by all our staff.”

This year, Gray & Adams will remain focused on maintaining its position through quality, innovation and customer service, as well as considering a number of major capital investment projects.