CR Smith Glaziers reports profits up 10% on turnover exceeding £20.2million last year but adds that the figures are even higher when adjusted for Covid shut-downs.
The Dunfermline-based domestic sales business explained it had reported on a 16 month period for 2020 including four months it had closed.
“When the figures are extrapolated monthly and compared pro rata turnover is up 14.6% and operating profit is up 37.8% illustrating the positive upturn in business over the year,” the company said in a statement, “The pro rata figure for profits after tax shows a 47.1% rise.”
Turnover for the 12 months of 2021 was £20,249,038 against £23,554,925 for the previous 16 months. Operating Profit was £175,989 against £170,223, giving profit after tax of £97,366 against £88,258.
Throughout 2021, CR Smith continued to invest in the business, including £225k allocated to fixed assets, to reinforce its resilience against market turmoil.
Continued product development led to the launch of the latest iteration of its Lorimer range of windows and doors, while the introduction of new digital systems allowed the company to extend its reach and enhance its sales and design process.
These new design capabilities particularly helped CR Smith meet the increasing number of enquiries for sunrooms, orangeries and extended living spaces as customers reimagined their homes to suit changing lifestyles.
CR Smith also saw growth within its FIX business which responds to homeowners who have windows and doors from businesses no longer trading, or who choose to repair their old windows rather than replace them.
The profits for 2021 have been added to the company reserves.
Director George Eadie CBE, who acquired the company in 1974, said: “While economic conditions have remained tough, homeowners have been prepared to invest in their homes for more living space or to ensure the best possible energy performance with quality windows. Having worked hard to anticipate and deliver against this challenging market, we have seen turnover steadily increase. The careful management of our financial commitments and costs has meant that we are also able to invest healthy profits back into the business.”