Profits at roof window firm Velux have increased despite a dip in consumer confidence.
Newly filed accounts for the Fife firm, show turnover dipped slightly from £169.5 million in 2018, to £167.1m for the year ending December 31, 2019.
However, pre-tax profits at the firm whose UK headquarters is in Glenrothes, increased from £4.1m, to £5.5m over the trading period.
The firm’s products include modular skylights, sun tunnels and a range of blinds and shutters.
Commenting in the company’s annual report, managing director of Velux UK and Ireland, Mick Schou Rasmussen said the company had achieved a “satisfactory result” for the year with turnover and profitability in line with expectation.
The firm said its activity level for 2020 is expected to be affected by Covid-19.
In March, the pandemic prompted Velux to ask any of its employees who could so, to work from home for the foreseeable future.
At the time, Mr Rasmussen said the move was a “precautionary measure” and advised staff against business non-critical travel.
Investment
The firm has also revealed the £7m expansion to its Glenrothes base is nearing completion.
The building, which is integrating a variety of the company’s products, was designed by Sinclair Watt Architects and will house a new customer service centre, training facilities, office space, meeting suite and a staff restaurant.
The investment allowed the company to decrease the footprint of its estate by selling off a number of its vacant buildings to local businesses.
While construction work was in progress, Velux auctioned off some of its older office equipment and furniture, raising more than £1,500 for local charities.
The average monthly number of employees at the firm rose from 276 in 2018, to 285 last year, with 46 in office and management positions and 239 in sales and distribution roles.
Wages and associated costs over the period came to £14.2m, up from £13.6m in 2018.
The firm is part of the international Velux Group, which has sales and manufacturing facilities in more than 40 countries, including a substantial base in Dublin.
In recent years, Velux has made a number of acquisitions within the commercial division as part of its growth strategy.
It acquired American skylight manufacturer, Wasco Products, also known as Wasco Skylights in 2018.
In the same year, it acquired European ventilation firm JET-Group as well as Vitral, a skylight and glass-roof system supplier in Denmark and England.
The Velux Group is owned by VKR Holding, which generated revenue in 2019 of €2.9 billion.
