Despite a drop in sales, Amshold Trading, a group controlled by The Apprentice star Lord Alan Sugar, has reported record profits.
The company revealed a pre-tax profit of £10.8m for the 12 months to 30 September, 2024, an increase from the previous year's £8.4m, as reported by .
However, according to new accounts filed with Companies House, its turnover fell from £28.4m to £27.1m.
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Amshold operates various subsidiaries, including Amscreen, a digital signage producer, and Amsprop, through which Lord Sugar manages his property investments.
The group attributed the four per cent decrease in turnover to slightly fewer sales of Waferlite products and static income from media activities. Despite the record profit, no dividend was issued for the year, contrasting with the over £6m paid out in the previous 12 months.
'Very pleasing results were delivered'
The board signed off a statement saying: "The year to 30 September, 2024, was busy, challenging and successful."
They added: "Very pleasing results were delivered from a trading perspective."
The company also noted: "Record profits were produced on the back of very strong demand for our new range of Waferlite products and good cost control."
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The business further commented: "The group has been better placed than most companies in being able to respond to the supply chain issues experienced by many markets since the Covid pandemic, although these issues have now improved significantly in the last couple of years."
Lord Alan Sugar's business empire grows
Earlier this month, City AM reported that Lord Sugar had sold his entire stake in Hernshead Group, an engineering and technology recruitment agency he has supported for over four years.
The company was established by Tom Johnson in 2019, who managed to secure Lord Sugar's investment without appearing on the popular BBC One show, The Apprentice.
Johnson now fully controls the Reading-based firm and plans to extend its reach across Europe and North America.
In November 2024, City AM also reported that Lord Sugar's property venture, Amshold Limited, returned to profitability during its most recent financial year, following a significant loss.
Despite a decrease in turnover from £11.4m to £8.7m, the company posted a pre-tax profit of £932,000 for the year ending 30 June 2024, a stark contrast to the previous year's pre-tax loss of £29.1m.
Last June, Lord Sugar invested in R Nation, the company run by Rachel Woolford, winner of the latest series of The Apprentice. Lord Sugar's Amsvest Limited acquired up to a 50% stake in Woolford's company.
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According to the latest Sunday Times Rich List, Lord Sugar's estimated worth is £1.082bn.
In March 2024, Lord Sugar reacquired the rights to the Amstrad name, a full 17 years after selling it to Sky. The name will now be used for a new digital marketing company spearheaded by his grandson.