Although production was interrupted for four weeks during the first lockdown, Brighouse-based manufacturers of welded steel mesh products Siddall and Hilton Products have strong financial performance again, with only marginal sales for the year ended March 31. There is a decline in 2021.
In the first full fiscal year since MBO in 2019, Siddall and Hilton Products had a turnover of 17.3 million pounds, compared with 18.2 million pounds in the previous year, a decrease of less than 5%. The company estimates that the impact of the pandemic has resulted in a loss of revenue of approximately £2.5 million. However, due to the positive attitude, tenacity and determination of the employees, this did not affect the company's reported profits. Continued investment in equipment and process improvements during the pandemic helped the company consolidate and consolidate the production efficiency gains and process waste reduction achieved in the previous year, resulting in a significant increase in pre-tax profit from 1.4 million pounds, an increase of 64.7% to 230 Ten thousand pounds.
Siddall and Hilton Products also report that they have greatly improved working capital management by investing in their ERP system, thereby better controlling inventory levels, strengthening operating cash flow and reducing borrowing costs by 46%.
2020-21 is another year of transformation for the business, as it marks its largest investment in 12 years, adding a fifth professional welding machine at its Brighouse factory. The new EVG LGR-102, valued at £2 million, runs more than 40% faster than existing machines, and generates waste by as much as 70%.
In the past 12 months, this 126-year-old company has processed more than 1,500 tons of wires per month and is the UK's largest manufacturer of industrial welded steel mesh for high-security fences, general fences and industrial mesh panels. Its labor force. Since January, the team has increased by nearly 25% to 59 people, including the recruitment of 9 new grid operator interns and two apprentices, and is currently looking for another 3.
CEO Ian Thurley said: "In the past two years, we have made tremendous progress in laying a solid foundation for future growth. Last year was another busy time for us, despite the great Popular challenges, but as we further improve operational efficiency, the business continues to maintain good financial performance. As one of Brighouse’s largest employers, we also improve employee engagement, promote recruitment and implement new training programs, Strive to ensure that loyal employees share our success.
"We are very proud of the major investment in the fifth state-of-the-art welding machine, which will once again increase productivity and is a key step towards our ambitious goal of becoming a world-class mesh manufacturer. As the region One of the oldest manufacturers, it is a real honor to be at the helm at this exciting time as we push our business forward to achieve our goals."
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