Top Scottish textiles cleaning company Fishers Services of Cupar says it is performing better after a restructuring.
The company, whose seven sites include Perth and Aberfeldy, saw its turnover slip 2.8% to £34.78 million and pre-tax profit fall 16.2% to £4.26m in the year to December 2014.
The company, established in 1900, withdrew from some tenders where it said price levels were insufficient to maintain standards of service and investment.
The 17% reduction in operating profit to £4.4m reflected reduced revenues, continued investment in plant and machinery and additional transportation costs associated with some new business.
Fishers put in place a new structure during 2014 designed to reflect changing market conditions and reduce central costs while protecting frontline service.
Performance has improved and the company is seeing a return to year-on-year revenue growth of 5% in 2015.
Managing director Michael Jones said: “We are proud of our high service standards and we took the decision not to compromise on these which created a slight fall in revenues in 2014.
“I am confident that our strategy is the right one and we are already seeing a return to growth in 2015.
“We will continue to invest in maintaining and improving our customer service for the hospitality sector and we have a number of exciting new initiatives in the pipeline that we plan to announce shortly.”
Fishers employs almost 800 people in a network ranging from Inverness to Newcastle upon Tyne.
It cleans, irons and delivers more than two million items a week, and provides linen rental, workwear hire and cleanroom garment services to the hospitality, healthcare, manufacturing and pharmaceutical sectors.
Clients include major hotel chains such as Premier Inn, Travelodge, Accor and Jury’s, as well as prestigious venues such as the Caledonian Waldorf Astoria, Edinburgh International Conference Centre and boutique Malmaison and Hotel Du Vin chains.
The new ultimate parent company Fishers Topco made a pre-tax loss of £134,131.