The latest accounts from CR Smith show the Scottish home improvements firm’s continued strength despite the challenging economic backdrop.
The accounts lodged for CR Smith Glaziers (Dunfermline) Ltd, the company’s domestic sales business, report an increase in profits after tax of 10% for the financial year to December 2021 with turnover exceeding £20.2m.
In 2020, CR Smith’s reported results covered a 16-month period to account for a 4-month shut down due to the pandemic. The figures lodged this week for 2021 cover a 12-month period, which also included a further partial close due to COVID-19. When the figures are extrapolated monthly and compared pro rata turnover is up 14.6% and operating profit is up 37.8% illustrating the positive upturn in business over the year. The pro rata figure for profits after tax shows a 47.1% rise.
|CR Smith Glaziers||2021 (12 months)||2020 (16 months)|
|Profit after tax||£97,366||£88,258|
Throughout 2021, CR Smith continued to invest in the business, including £225k allocated to fixed assets, to reinforce its resilience against market turmoil.
Continued product development led to the launch of the latest iteration of its Lorimer range of windows and doors, while the introduction of new digital systems allowed the company to extend its reach and enhance its sales and design process.
These new design capabilities particularly helped CR Smith meet the increasing number of enquiries for sunrooms, orangeries and extended living spaces as customers reimagined their homes to suit changing lifestyles.
Responding to market demand, CR Smith also saw growth within its FIX business which answers calls from homeowners who have windows and doors from businesses no longer trading, or who prefer to repair their old windows rather than replace them.
The profits for 2021 have been added to the company reserves.
Commenting on the figures, George Eadie, Director, CR Smith said:
“While economic conditions have remained tough, homeowners have been prepared to invest in their homes for more living space or to ensure the best possible energy performance with quality windows. Having worked hard to anticipate and deliver against this challenging market, we have seen turnover steadily increase. The careful management of our financial commitments and costs has meant that we are also able to invest healthy profits back into the business.
“We hold a strong position in the home improvements market and remain confident that the measures we have put in place will continue to support future growth.”
A long-established Scottish business with its headquarters and manufacturing facility in Fife, CR Smith was purchased by Gerard Eadie CBE in 1974 who still runs the company today.