Brintons Carpets hails strong set of annual figures
Carpet company Brintons has hailed a 'strong set' of figures as pre-tax profits more than doubled and sales kept rising in a year that saw it bought by US investors Argand Partners.
The Kidderminster-based company, which also has a yarn spinning plant at Halesfield in Telford, saw pre-tax profits soar 135% in the year to the end of September 2017, to £8.58 million.
Accounts newly filed at Companies House show revenue rose £2.8m to £94.3m as its international operations expanded.
But the year also saw 60 jobs axed as production of Axminster carpets ceased at Kidderminster.
Duccio Baldi, CEO at Brintons, said the 'strong set of results' supported a fourth successive year of improvement in key financial indicators.
"This was all the more impressive considering the focus required by senior management to complete a successful transaction to the new owners."
He added: "Once again the transition to our well established overseas operations has been key to this success.£
The group has factories in India, Portugal and Poland as well as sales operations in the USA and Australia. It employs around 1,650 people worldwide.
Underlying sales grew 5.4% with good growth from hospitality markets, especially in the US where Las Vegas helped deliver a second year of growth.
In July, after six years of ownership, Carlyle Group sold its stake in the company to Argand Partners, based in New York. The sale price has not been revealed
"Argand's firms intention is to support management to continue with their strategy to invest in new technology to improve margins and grow the top line of the business," said Mr Baldi.
