Profits blooming at William Sinclair
Lincoln's William Sinclair Holdings has boosted pre-tax profit by 54 per cent, the company said this morning (4 January 2012).
The horticultural supplier secured a pre-tax profit of £3.18m in the year ending 30 September, compared with £2m in 2010.
The profit boost comes despite restrictions imposed by Natural England on the company's Bolton Fell site, which it estimates has cost the company £600,000 in the past two years.
William Sinclair Holdings is still locked in a compensation battle with natural England over the site.
In its results released this morning (4 January), revenue had increased from £48.4m to £54.2m.
The company said it was now targeting acquisitions in a bid to grow.
Bernard Burns, chief executive, said: "In a year when the economy has been littered with banana skins we have continued to improve the company's performance. Prudent action has been taken to mitigate against the insolvency of large customers, delays in planning permissions and a UK economy which is stalling.
"With strongly developing strategic advantages in key areas of the market that provide promising growth prospects, we are in the best position possible to manage any further deterioration in consumer spending during 2012."
