Home consumer products firm Norcros said pre-tax profits jumped 68 per cent to £9.9 million in the year to 31 March. Revenue was up just 3 per cent.
The firm operates mainly in the UK and South Africa and chairman John Brown said its domestic market had proved resilient in the face of a drop-off in consumer spending.
But he admitted conditions have worsened since its financial year came to a close. He said: “Since the year end our markets in the UK and South Africa have continued to soften whilst energy prices continue to increase substantially.
"We do not expect any respite in the short term and are maintaining our focus on cost reduction and cash management.”
Mr Brown said the firm has begun to implement a range of measures – including looking at staff numbers – which it expects to produce annual cost savings of £2.5 million in the future at a one-off cost of £1 million.