Fraserburgh engineering firm Gray & Adams has seen its profits almost double to £18.6 million despite a “challenging period”.
The trailer-maker posted its latest accounts for the year ending April 26 2024 – which showed its highest pre-tax profits in the 21st century.
Pre-tax profits increased to £18.6m from £9.4m for the previous year.
The firm’s refrigerated trailers are a familiar sight on roads throughout the UK and beyond.
They are used by household names such as Tesco, Sainsbury’s, Asda, Morrisons and Aldi.
‘Challenging’ year for Fraserburgh firm
Joint group managing director James Gray has praised the Gray & Adams workforce for the commitment shown with interruptions to its supply chains.
The firm also saw its sales rise by more than £20m, taking it to more than £208m.
Mr Gray said: “The financial year continued to be another challenging period, due to the continuing impacts on our supply chains, caused by the Ukraine conflict.
“The business has seen another successful year, which is a credit to the commitment shown by the workforce.
“The challenges encountered through the year have eased slightly from what was experienced previously.
“This has resulted in some stability returning to our supply chains, although there continues to be large areas of risk here.
“We continue to build for the future with a multi-phase investment project in Fraserburgh.
“Which has seen the completion of a brand-new vehicle accident repair centre, and the renewal of several large pieces of plant, so that we can ensure our workshops continues to operate smoothly into the future.”
Gray & Adams profits show ‘strong financial performance’
Joint group managing director Peter Gray believes the “strong financial performance” of Gray & Adams is a result of the success of its products.
He said: “We continue to invest in our facilities through the introduction of new efficient machinery in 2024 to ensure that the operations teams remain leaders in their class.
“Thus ensuring that we can continue to produce our products to the high standard of quality that our customers are accustomed to.
“We are also mindful of the impact that our operations have on the environment and are aware of the commitment that all businesses should be making to reduce their carbon footprints.
“As we plan for the future we will utilise the success experienced in previous years to improve the environmental impact of our sites and operations.”
Gray & Adams, founded in 1957, said the business is in a good position to reinvest to support its employees and customers.
The company had more than 750 people working across its operations during 2024.
Conversation