Bathroom pod specialist Walker Modular saw almost 10 per cent shaved off sales in 2019 - a year now seen by many as one where the economy held its breath ahead of Brexit.
For the Hull supplier to multiple unit markets such as hotels, hospitals and prisons, it was just that, with gains made in 2018 wiped away, with many major investments held back.
Walker, founded in 2006, has facilities in Amsterdam Road and Marfleet Avenue, and employs more than 400 staff.
In results for the year to March 31, 2020, just published, turnover dropped from £75.7 million to £68.4 million. Profits slipped from 2019’s £7.4 million to £4.2 million.
Malcolm Walker, director, said: “The company has had another profitable year of trading despite a decrease in growth.
“The directors are confident that the strategic business model in place will provide growth over the coming years. The company is also well placed to implement expansion into wider markets if the economy allows.
“Walker Modular Ltd aims to continue to be a primary supplier to leading developers and blue chip companies throughout the Ƶ, delivering high-quality products whilst continuing the recent years’ successes and increase in market share. The board believes that the company’s strategy together with its experienced management will be a solid foundation for successful business performance in the future.”
Staff numbers had increased from 435 to 457, with the additions all in production in the period under review, with virtually £3 million of sales coming from Europe, having been purely domestic in 2018/19.
On the coronavirus impact - with the first lockdown coming little over a week before the financial year-end - Mr Walker said: “In common with many other businesses the company has since March 2020 been challenged by dealing with the profound effect of coronavirus on production activity and delivery on site.
“The company has maintained connectivity between employees, customers, stakeholders and suppliers and enabled agility in the implementation of measures and additional control methods to ensure a safe working environment while also enabling production activities to continue, albeit in a restricted capacity in some instances.”
