North East chemicals manufacturer Thomas Swan says it is continuing to invest despite falling to an operating loss.
The Consett-based firm, which was established in 1926, produces performance and speciality chemicals which are used by companies across the globe to improve performance in products including inks and paints, tyres and rubbers and personal and household care. It has subsidiaries in the US and China.
New accounts have been published for Thomas Swan, covering the year ended March 2024, in which the group’s turnover for the year decreased to £33.85m from £44.5m, with gross profit dropping to £7.1m from £8.8m. The firm’s operating profit last year of £217,468 was also converted to a loss of £1.2m, and its post-tax profit also halved, from £200,000 to £100,000. The overall loss for the period was £83,960, down from profit of £211,104.
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A geographical breakdown in turnover showed 海角视频 business accounted for £10.65m, while the Europe, Africa, the US and others brought in £23.2m. Employee numbers rose during the year, from 145 to 154.
A report within the accounts said: “The company operates in a changing and competitive market place where continuing growth is dependent on maintaining existing customer relationships and developing new business by offering new products and a wider range of services. The directors believe that this can be achieved by continuing to provide a range of high quality products and services at competitive prices.
“The group continues to strive to expand, both by internal growth and by acquisition. The external commercial environment is expected to remain very competitive. However, the directors remain confident that the group’s profitable performance will resume again in the future. The group continues to invest in its capital equipment to improve both its operating capacity and profitability.”
This year the firm has launched a new product, called Casamed BKC, to complement its range of antimicrobial actives and preservatives. The firm said the compound plays a crucial role as both an active ingredient and a preservative across a range of applications, including personal care, home care, animal care, and health and pharma.