Fife-based commercial fitter Havelock Europa has improved its future prospects considerably, with increased sales and an after costs profit.
In reality, the figures for the Dalgety Bay firm to the end of the year show a loss of £4.5m. However, this takes into account one-off charges which, when stripped out, leave the company with a profit for the year – something that seemed unlikely just months ago.
It is still a challenging for the firm however, with last month seeing them announce that they will sell their Showcard Print business. When sold, it is expected to be in a deal worth over £15m.
It is a familiar story that many Scottish businesses have told in the recent past. However, with invoice factoring, many other are finding a different way to sustain and grow.
For Havelock, the decision to concentrate on particular areas of the business could well lead to success.
Sales in the last year were up from 2010, showing just shy of £100m. Moreover, the company is said to have a strong order book in the year ahead.
Many of these contracts are in the retail and educational sectors, with one £20m deal seeing the company complete a refit for more than 30 schools across the south of England.
Havelock is under no illusions that the marketplace won’t remain tough for the foreseeable, and even mid-term future. However, that they are making bold decisions and trusting in their management is certainly a good recipe for success which can be replicated.