Profits at Fife engineering group Parsons Peebles fell by almost £1 million last year.
New accounts posted at Companies House show the Rosyth-based firm, which was founded 116 years ago as a manufacturer of rotating electrical machines, posted a pre-tax profit of £214,559 in the year to November 30 on revenues of £4.81m.
Both figures were down on the previous year when the business generated sales of £5.34m and pre-tax profits were £952,000 higher at £1.16m.
The company designs, manufactures and maintains electric motors, generators and associated equipment and also carries out high-voltage testing services.
Early last year the business was acquired from Patersons Quarries by Clyde Blowers Capital, the industrial investment vehicle founded by billionaire Scottish businessman Jim McColl, and the latest accounts reflect a period in which CBC was in charge for 10 full months.
In his strategic report to the accounts, director Frank Barrett said the company was held as a wholly owned investment of Clyde Blowers Capital Fund III.
Almost four months after the takeover, the company secured a new banking facility with HSBC, with access to a revolving £2.5m credit facility and a term loan of up to £1.3m.
Despite the profits fall, Mr Barrett said the firm, which carried an average of 47 staff through 2013, had enjoyed “another successful year”.
“The directors are satisfied with the performance of the company and, given current order book levels, believe that the company is well placed to deliver further growth in the current financial year.”
The Courier revealed in February that Mr McColl had stepped down as chairman of the business and had been replaced by chartered accountant and CBC managing partner Keith Gibson.
Mr Gibson said the firm was set for a major expansion phase that would be primarily driven through the acquisition of complementary businesses that could be bolted on to Parsons Peebles to add value.