A Fife-based manufacturer and supplier of special paint effects and performance pigments saw its profits drop by £1 million last year.
New accounts lodged with Companies House show Leven-based Silberline Ltd achieved a pre-tax return of £2.4m for the year to December 31, down from £3.49m in the year previous.
Turnover at the firm a fixture of Fife’s economic landscape for 40 years fell by a similar margin from £25m in 2012 to £24m last year.
The firm a wholly-owned subsidiary of US group Silberline Manufacturing Company, which is incorporated in Indiana and has its operational headquarters in Tamaqua, Pennsylvania employed an average of 133 staff at its Fife site last year, producing a range of pigments used to enhance the visual appeal of coatings, paints, inks and plastics.
The Fife facility specialises in the production of hundreds of silver paint pigments. The automotive manufacturing sector is a key target market.
In its strategic report, the company said it operated in a globally price competitive market where maintaining high quality products and building global relationships with customers was key to mitigating against risk.
The company also said it was confident of its ability to continue to operate profitably going forward.
“The commercial environment is expected to be uncertain in 2014,” Silberline said. “However, the company remains confident that it will continue to achieve a profitable performance in the future.
“The company will continue to improve its operations through the investment in people, processes and working capital management to ensure we continue to meet the requirements of our customers.”