Canford Group is making sound progress.
Reporting on its year end to October 31, the Washington manufacturer of professional audio equipment, has seen gross profits rise to £5.06million and net profits for the year after tax increasing by 52% despite turnover falling to £15.7million.
Canford’s own brands are an important source of sales growth, with continuing high demand for both standard products and custom variations.John Francis
The Canford Group incorporates metalwork manufacturing on the Isle of Portland in Dorset and a European Sales office in Erstein, close to Strasbourg in France.
Canford operates a number of comprehensive websites and its online presence incorporates a main website with French and German versions providing a tailored product offering, translated and priced in local currency to meet the demands of an international market place.
Chariman John Francis said: “Canford’s own brands are an important source of sales growth, with continuing high demand for both standard products and custom variations.
“We have gained an international reputation for producing extremely high-quality metalwork, which is now specified for audio and video connection points in many of the highest profile sports stadiums in the Middle East.
“We have succeeded in growing sales margins within a competitive market so that profitability has improved despite the loss of Ash Distribution turnover. The directors are proud to report that the year ended October 31 was the group’s most profitable year to date, with profits more than double the amount achieved in the previous year.
“We express our thanks to our loyal staff, customers and suppliers for this achievement.”
The directors are worried about the imoact of Brexit, however, and the firm has undertaken a full ‘Brexit Risks Review’,which highlighted that the group’s substantial experience in handling exports to non-EU countries stands the business in good stead for any challenges.
Some measures to anticipate problems have already taken place, including acquisition of strategic stocks and discussions with logistics suppliers, and the company has set out its intention to take advantage of its long-established French subsidiary, Canford Audio SARL, to support European sales.
The directors have confirmed Canford’s on-going commitment to research and development to secure its position as a market leader.