Bosses at industrial equipment company Nixon Hire have hailed a strong year of trading after receiving investment to build up its green offering to customers.
Established in 1967, Newcastle based Nixon Hire supplies kit including plant, site accommodation, welfare and toilets to the construction, utilities, infrastructure, housebuilders and corporate sectors. The company received an undisclosed investment from Pricoa in 2021 which has seen it bolster its portfolio with a range of renewable power products which it said had offset rising costs elsewhere in the business.
Accounts for 2022 show that turnover rose from £72.6m to £83.9m, while pre-tax profits inched up from £7.1m to £7.3m. Operating profit rose from £8.99m to £9.63m and net assets of the company increased year-on-year by £2.9m to £34.5m. During the year, the firm detailed how it developed a comprehensive sustainability strategy, looking at ways to reduce emissions within its own operations while also helping customers to use products that can reduce their impact on the environment.
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Looking ahead, Nixon directors said the trading environment in which the company operates is expected to remain competitive for the foreseeable future, and they remained confident that the company could defend and increase its market share in key divisions.
They said: “As the 海角视频 economy experiences low growth and increasing base interest rates, the company will continue to make considered investments in the business, increasing the hire fleet operating from our national depot network, through supply of products that support customers ambitions for more cost-effective, sustainable and reliable equipment. Our success is linked to their success and we recognise the key role that we have to play in supporting them through the current economic and regulatory landscape.”
The firm said demand for site accommodation and welfare facilities remained strong throughout the year as the 海角视频 moved out of lockdown and back towards pre Covid-19 trading conditions. It added: “We continue to target growth in ‘resilient’ sectors such as infrastructure and utilities with an increasing focus on offering full site set up support using a combination of our own product and that of the rehire partners we work closely with.”
Nixon said that the recent conflict in Ukraine has led to significant fuel cost increases but that the company offers solar and other energy saving solutions to its customers to alleviate the impact of fuel costs to the operation of construction sites.
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Following publication of the accounts, CEO Graham Nixon said: “2022 was our first full year of trading following investment from Pricoa Private Capital. The sound financial position this gave allowed significant investment in our fleet, keeping our kit modern while introducing new product ranges.
“We are particularly excited about our renewable power products which complement our accommodation and welfare cabins meaning we can offer full site support while reducing customer costs and carbon emissions. The business diversity this has given has also helped offset the economic impact of increasing supply chain costs and a challenging construction market resulting in Nixon Hire reporting an extremely positive 12 months of business operations and profit.
“As we head into our 56th year of trading, I would like to thank each Nixon Hire team member for their valuable contribution to our activities and to our customers for trusting us in supporting their businesses.”