Press Release – Forsyths Group Results 2015
Whisky still-maker reports solid results, despite continuing downturn in Oil and Gas sector
Whisky still-maker, Forsyths Ltd has reported a solid set of results for 2015, despite the continued downturn in the Oil and gas sector.
Although Turnover in the Moray firm’s latest Accounts was down to £38m in the year to 31 October 2015, compared to £41m in 2014, the Group, through close control of costs and margins, was able to increase its Gross Profit percentage from 23% to 26%. The Group operating profit was a healthy £4.3m which was similar to 2014
The Group is continuing to look for opportunities in the Oil & Gas industry, following on from reinvestment during the year and took the opportunity to review the carrying value of certain Group fixed assets resulting in an impairment adjustment of £1.8m.
The Group continues to report a strong net asset position, with an increase in the year of just over £2m bringing the net asset position to £26.4M
Commenting on these results, Chairman, Richard Forsyth said “The results for the year have been very good despite the continued downturn in the Oil & Gas industry which has had an impact on the business. This has largely been offset by a very strong performance on our Distillation side, which continues to be very positive going forward “
The group employed 337 people on average in the latest period which was 12 less than the year before
Forsyth’s accounts show that the highest paid Director received remuneration and company pension scheme contributions of £127238 in 14/15, which was down from £153466 in the previous year
Notes for Editors
Rothes -based Forsyths manufactures and supplies iconic Copper Stills and Distillation equipment to Distillers all over the world for Whisky and all other Spirits production and also produces goods for the international oil and gas industry
The Firm has its roots in a brass and copperworks, bought by the current Chairman’s Grandfather and Richard Forsyth junior, the current Managing Director is now the Fourth generation operating in the family business
For more detailed background information on the Group’s activities and history, please see www.forsyths.com