Sales up in all sectors for Highland Industrial Supplies
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Pre-tax profit has increased for an Inverness construction equipment supplier.
Highland Industrial Supplies – which lodges its accounts as HIS Holdings – also sells to the engineering, agriculture, manufacturing, hotel and catering industries, as well as the public.
The firm is also involved in the letting and development of commercial property.
Revenue also increased for the year ended January 31, 2022.
A strategic report accompanying the firm’s latest accounts stated: “The previous year’s figures were affected by restrictions imposed by the government because of the coronavirus pandemic. Sales have increased in all sectors with only our hotel and catering supplies still being impacted by restrictions.
“During the year we expanded our building supplies to include roofing products.
“Our internet sales saw a significant growth and we continue to further invest in our website, with many products being added on a daily basis to allow customers to view and purchase items online.”
Turnover increased from £42,618,612 in 2020/21 to £55,629,949 for the following 12 months. For the same period, pre-tax profit rose from £1,870,029 to £2,834,518.
The report added: “The key business risks and uncertainties affecting the group are considered to relate to the impact of the crisis in the Ukraine, the cost-of-living crisis, competition from national and independent retailers and internet sales.
“The current economic climate will continue to bring challenging times into the future. Current global politics and the effect of Covid-19 has resulted in a nationwide shortage of supplies along with increased fuel and energy costs.
“The group has successfully worked at securing contracts and strengthening relationships with existing and new suppliers to best mitigate the situation.
“Cost control remains important to the business and as such, the directors regularly review cost levels and key ratios to ensure that costs remain at an acceptable level.”
The average number of employees dipped from 221 in 2020/21 to 215 in 2021/22, while staff costs increased from £7,168,143 to £7,879,031.
