Technical textiles group Don & Low Ltd saw full-year profits increase last year despite tough trading conditions.
The firm, part of the Greece-headquartered Thrace Group, is a key local employer with more than 450 staff on its books in manufacturing, sales and administration roles.
It produces a wide range of woven and non-woven polypropylene textiles including carpet backings, geotextiles, yarns and construction fabrics.
New accounts posted at Companies House show the firm, which is based at Newfordpark House in Forfar, increased turnover to £62.42 million in the year to December 31, a 3.9% increase on the 2013 return of £60.01m.
Pre-tax profits for the period climbed from £5.91m to £7.25m, while operating profit rose from £4.95m to £5.18m.
However, the firm reported an overall recognised loss of £1.76m for the year after it recorded an actuarial loss of £9.4m in relation to the company pension scheme.
The outcome compared to a £6.46m gain for the firm in 2013.
In his strategic report to the accounts, company secretary Colin Johnson said the group’s focus during the year had been on safety, quality, customer service and continuous operational improvement.
“Trading conditions during the year remained challenging at both the general economic level and within the group’s specific markets,” Mr Johnson said.
“The factors affecting trading conditions are monitored closely by the directors and the group responds to these by detailed strategic planning, thorough budgeting, comprehensive review of the cost structure and by recovery of unavoidable cost increases.
“The group meets its day-to-day working capital requirements through internal cash generation, combined with bank loan and overdraft facilities.
“The group’s forecast and projections, taking account of reasonable, possible changes in trading performance, show that the group should be able to operate within the level of its current facilities.
“The directors consider the result for the year to represent an acceptable performance in the ongoing difficult economic and trading conditions.”
Don & Low is one of the most important historical businesses in Angus, and was first established in 1792.
It became part of international technical fabrics and packaging solutions conglomerate Thrace in 1999.
Last month Thrace reported first-half consolidated EBITDA of €15.8m, a 45.7% improvement on €10.8m in 2014.