Scotland’s largest machinery ring is preparing to open a new office in Fife next month.
Ringlink, which has offices at Coupar Angus, Elgin, Laurencekirk and Oldmeldrum, is preparing to open a new office in Cupar.
Managing director, Graham Bruce, told the ring’s annual general meeting that a new area manager was being recruited to man the Cupar office.
“We have been invited across (to Fife) to provide services to anaerobic digestion plants and to work on the labour side,” said Mr Bruce.
He said the £750,000 project to expand the company’s headquarters at Laurencekirk was on track and due for completion by July
Mr Bruce said last year had been a “record-breaking year” for the business with significant increases in commodity trading, electricity contracts and labour supply.
Accounts for the year ended July 31 2019, show a 61% increase in pre-tax profits to £253,707, from £157,749 before. Turnover was up 9% to £1.721 million, from £1.573m.
Meanwhile, accounts for Ringlink Services, which focuses on labour and training, also show a boost in turnover and profits.
Turnover was up 9% to £6.725m, from £6.181m before. Pre-tax profits more than tripled to £41,833, from £13,486 the year before.
Commenting on the current year, Mr Bruce said results were back in the first quarter.
He said: “That’s due to the commodity prices being down on the year. Straw is down at £35-40 a tonne and still not selling.”