The UK and Ireland sales and marketing arm of window systems company VELUX yesterday said it was confident over its future despite a drop in profits.
Newly published accounts for the year to December 31 show that Glenrothes-based VELUX Company Limited booked a pre-tax profit of £2.54 million in 2012 on total sales of £105.2m.
The figures were down on 2011 when the concern which organises the sale and distribution of Danish VELUX rooflights across the UK and Ireland achieved a £3.4m pre-tax profit on revenues of £107.8m.
The accounts show the firm employed 167 people during the year an office and management team of 33 with a selling and distribution force of 134 with the vast majority of those roles at the firm’s Fife base.
Staff costs in the year increased from £6.69m to £7.12m while the package of the highest paid director increased from £168,233 to £174,039.
The final dividend for the year saw a marginal increase from £1.66m to £1.7m. In their report to the accounts, the directors said 2012 had been a “satisfactory” year.
“Our aim is to lead the development of better living environments with daylight and fresh air through the roof and to be rated as the best in the eyes of our customers,” the document states.
“The company achieved a satisfactory result for the year to December 31 2012, given the prolonged downturn in business activity during the year, with Ireland again being worst affected.
“In February 2012 we implemented a price increase in the UK which helped to offset the reduction in volumes during 2012.”
The VELUX group has a presence in more than 40 countries worldwide with each individual market having its own satellite sales and marketing arm which ultimately reports back into the main group.
The Fife operation was originally established in 1954 and has Fife Joinery manufacturing window units as a sister company.
Managing director Keith Riddle yesterday said that 2012 had been a challenging period for VELUX Company but he said there were more positive signs in the economy and the business was going forward with renewed optimism.
“Reported accounts for 2012 confirm the continued difficult trading conditions in the UK and Eire with the overall economy and construction in particular still struggling to recover from the financial crash,” Mr Riddle said.
“However, we do see some signs of recovery in the market now and we are looking forward to 2014 with a major new product launch at the start of the year with a more confident outlook than has been the case for several years.”