Caravan giant Swift Group saw profits half and turnover tumble as political uncertainty pitched into progress in 2019.
The East Yorkshire market leader saw profit down 52 per cent from 拢20.1 million to 拢9.6 million, on the back of revenues reversing from a record 2018.
Turnover was down 9.3 per cent from 拢287.7 million to 拢260.9 million - falling back below 2017 levels of 拢271.4 million.
In the annual report for the year ending August 31, signed off in mid-December - weeks before the coronavirus pandemic emerged - director James Turner said: 鈥淭he trading environment of the year has seen the company defend its market share following a sustained period of economic uncertainty and challenge within the leisure vehicle sector.
鈥淭he directors believe the company is well positioned due to the diversity and quality of its underlying product base to ensure the Swift brand continues to lead the industry in its chosen markets.鈥
Since then, Covid-19 has dominated the agenda - with manufacturing stopped and not returning until at least the end of June, hitting a full quarter.
Some staff on fixed term contracts - already furloughed - are now being let go, but there is hope the recovery could provide an eventual boom for the market - with the products giving holidaymakers the ultimate control over cleanliness, contact and social distancing.
Much will depend on spending confidence, with bosses understood to be awaiting the opening up of dealerships to gauge demand, and get a greater handle on how 2020 will pan out.
Steps had already been taken to mitigate the 2018/19 downturn, with employee numbers down from 1,221 to 1,140 (6.6 per cent) - and with a factory in Mexborough, South Yorkshire, closed late last year.
Launched in 1964, Swift is headquartered in Cottingham, with a large factory off Dunswell Road.
Brexit modelling - described back then as making the 鈥渙utlook for the coming year more difficult to predict鈥 - is now seen as historic, so too the glint of good news that came in the Budget, with a U-turn on the controversial motorhome tax.听
At the 2019 year end, Swift had told how net assets held strong at 拢37.4 million (down from 拢38 million) with cash in the business of 拢6.8 million - 鈥渨hich provides a strong foundation for the future of the company鈥.
On the EU departure, which will remain a factor, significant pro-active steps have been taken聽 鈥渢o ensure that international supplier relations remain strong, that the company continues to focus on and explore international sales and market opportunity and that the company and group has cover in place for its Euro currency exposure for a significant period into the future to avoid volatility in the cost base.鈥
鈥淚n addition, the company also remains aware of the risk associated with the ultimate retail demand of its products due to the prolonged uncertainty of the 海角视频 economy,鈥 Mr Turner added.
A dividend of 拢8.5 million was paid to the parent company, identical to 2018.
