The boss of a Fife cabling firm has hailed an “exceptionally strong” year for the business as it recorded sales of more than £100 million.
Leviton, based at Viewfield Industrial Estate in Glenrothes, produces high-speed copper and fibre-based cable and connectivity systems for IT and data communications.
Newly filed accounts for Leviton Manufacturing UK show it recorded turnover of £100.7m for the year to December 2022 – a notable increase from the 2021 figure of £89.3m.
Pre-tax profits also soared, to £5.3m for the reporting period, up from £1.6m the year before.
Leviton enjoys ‘exceptionally strong’ year
Managing director Iain Wilkie said: “2022 was an exceptionally strong year for the business.
“I thank our team for delivering the highest sales for the UK company in more than 20 years.”
Mr Wilkie said the firm had made significant investments in the Glenrothes site, which marked its 50th anniversary last year.
It has spent a multi-million-pound sum on new production equipment, and a six-figure amount on a huge solar panel installation.
The solar panel project at Glenrothes is part of Leviton’s sustainability programme.
It wants to achieve company-wide carbon neutrality by 2030. The firm also has an ambition to achieve net-zero carbon by 2050.
Challenges during 2023 for Leviton
While the results showed the firm enjoyed a strong 2022, Mr Wilkie said the current financial year has been more challenging.
In May this year, Leviton sold its factory at Leigh, near Manchester, to Swedish-based Amokabel Group.
The factory produced niche cables for automotive, defence and industrial applications.
Mr Wilkie said: “The products and applications were not aligned to Leviton’s core network solutions markets. This was a great opportunity for this site to grow as part of Amokabel.”
Reflecting on the challenges of the year, the managing director said there had been a softening in demand globally, with companies tightening projects amid economic uncertainty.
Mr Wilkie added: “This has resulted in lower production volumes and, sadly, the need for some redundancies.”
Leviton’s Fife site ‘well positioned’
However, he said the firm remained optimistic about the long-term future.
He continued: “Leviton remains optimistic and sees this short-term slowdown against the backdrop of an industry that will continue to grow significantly in the decades ahead.
“Leviton’s Glenrothes site is well positioned to benefit from the continued need for advanced cabling systems to support those vital high-speed connections.”
