Steljes more than doubled its bottom-line return in its 2013 fiscal year, despite a 6.5 per cent revenue decline.
Accounts filed this week reveal that, for the 12 months to 30 June 2013, the Bagshot-based firm saw its top line decrease 6.5 per cent year on year to £56.7m. Despite a slight fall in gross profit, administrative expenses were reduced by more than £2m, facilitating an expansion in net income from £886,056 in the prior year to almost £2.1m this time out.
The directors' report for the year salutes the effects of the company's "strong cost control". It also praises out a £1.22m increase in shareholders' funds, which stood at about £4.1m as of the end of FY13. A total dividend of £902,130 was paid out following FY13, compared with just £5,130 in the previous year.
The vast majority of the audiovisual specialist's turnover - £54.9m - was generated in this country. But Irish and mainland European sales were both fairly steady at £1.1m and £415,142, respectively. Revenue from the rest of the globe grew more than tenfold to £330,833.
The reduction in costs is reflected in a fall in average staff numbers, which dropped from 155 to 144 over the course of FY13. Rumours emerged a year ago that the distributor parted company with as many as 10 employees during a tranche of redundancies. The company's total wage bill was cut by almost £700,000 to about £7.2m.
The directors' report concludes: "The company is optimistic that it is well positioned to continue its plan for growth, with a number of new products in the pipeline [and] the expansion into new regions and new markets - in particular the corporate market."
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