THE troubled Clitheroe-based conservatory manufacturer Ultraframe today announced a massive fall in profits as it struggled to make new sales in the UK.
The company said its profit before tax for the first six months of the year had fallen by 65 per cent, from £9.1 million to £3.2 million. Chairman Rod Sellers blamed aggressive competition and falling demand for the fall in sales from £63million to £55million.
"The trading environment in the UK has become increasingly challenging and competitive," he said.
Ultraframe, which employs 1,200 people, parted company with its UK managing director Nick Gale earlier this year when it warned shareholders that profits would fall.
In a statement to the Stock Exchange, the company admitted that sales in April were 23 per cent down on the same month last year. Despite the profits slump, the dividend being paid to shareholders is being maintained at 3.24p per share.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article