Gray & Adams turnover up but costs surge

Fraserburgh, Scotland: Gray & Adams posted a 21% increase in revenues for the year to April 30.

The improvement followed a “brief” closure during the previous year because of Covid lockdown restrictions.

Turnover rose to £141.6m against £116.4m previously, while pre-tax profits rose by £700,000 to £4.9m.

Gray & Adams has for the first time in 65 years of trading issued retrospective price increases to its customers to cover surging raw material costs.

Gray & Adams said key materials such as steel, stainless steel, aluminium, wood and insulation became increasingly difficult to source last year following the impact of Brexit, the pandemic, and then the Russian invasion of Ukraine.

“We had to take the unprecedented step of going back to our customers, who had placed orders, advising that we had no alternative but to apply a material cost surcharge,” the company is quoted as saying.