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Crown doubles profit

Published: 13 December 2010
Crown Paints has announced it's on course to announce a profit jump of close to 200% for the full year to December 31 2010.
Crown doubles profit
The company is anticipating total earnings before interest, taxation, depreciation, amortisation and rentals (EBITDAR) of £20m on sales of £180m compared with £10.5m in 2009. Turnover is likely to remain flat compared with 2009, when company sales were just over £179m.

Cost control and operational efficiencies have played the pivotal role in securing the profit growth in what is its second full financial year since the buyout of the company from Akzo Nobel in 2008.

However, said group chief exec Brian Davidson, these measures did not mean there was no investment in the company during the current financial year. "Cost control measures alone do not drive growth," he said, "and we have continued to invest and innovate during the year in order to maintain sales and increase profitability." For example, he said, the company "stepped up our global sales and marketing initiatives and invested around £6m in plant, machinery, technological infrastructure and the development of our Crown Decorating Centre network.

"We have also continued to create opportunities for the next generation of manufacturing talent, recruiting 10 young apprentices into the business during the year. In 2011, we plan to expand our apprenticeship programme to include adult apprentices, with a particular focus on individuals who have found themselves out of work for lengthy periods.

Looking forward, Mr Davidson continued: "The next 12 months will continue to present challenges for all manufacturing businesses, but we have a clear strategy for growth and are confident that Crown Paints will continue to thrive despite the economic backdrop. And as with any private equity-backed business, the creation of shareholder value remains a key focus area for all stakeholders within the business."


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