Pottery giant Steelite International has reported a ‘significant improvement’ in performance – with growth in turnover, profitability and staffing levels.
The group’s latest accounts and annual report show a turnover of £79,044,000 for the year to December 31, 2023 – an increase of 12.6 per cent compared with 2022 (£70,194,000) – with all geographical markets achieving a growth in turnover compared to the previous year.
Results before taxation improved to a profit of £7,398,000, compared with £526,000 in 2022, while operating profit before exceptional items increased to £7,505,000, compared with £740,000 in 2022.
The monthly average number of people employed by the group also increased to 916, compared with 808 in 2022, which ‘shows how effective [they] have been in recruiting and and retaining [their] key resource’.
The report noted that the cost of wages and raw materials had increased in 2023, but stated that the cost of wholesale gas and electricity – which had a ‘major impact’ on financial performance in 2021 and 2022 – had now stabilised .
It continues: “The Group started the year with a record open order book and has continued to benefit from strong relationships with customers across all markets. The investment in recruitment and training, ongoing since 2022, continued throughout the year, resulting in increased manufacturing output and improved service levels through investment in inventory.
“The Group opened a dedicated storage and distribution facility in the Netherlands during the year to mitigate the ongoing impact of Brexit and improved service into the European market.”
Daily Focus previously reported that planning permission had been granted for Steelite Interational to build a new warehouse and showroom complex next to its current factory in Middleport.
