A music system manufacturer based in Scotland has seen its profits rise by more than a fifth in the last year, whilst posting record-breaking sales.
Linn Products, which operates out of its headquarters to the west of Glasgow, has increased its sales by 7.5%. This has seen its profits rise by 21%, amounting to £2.2 million in the year ending in June 2012.
The company, which surprised many in the industry when it pulled out of the CD player market in 2009, says that its decision has been “vindicated”. The MD for Linn, Gilad Tiefenbrun, said:
“These results are an endorsement of our vision, strategy and investment, and our profitability means that we can continue to fund significant research and development in the future.”
The profits rise follows an investment by the firm of over £2 million, which it ploughed into its research and development department. Tiefenbrun continued:
“These results prove that there is a growing demand for high-quality sound systems in the modern home to not only play music, but also movies, games, online apps and streaming services.”
The performance also proves that companies in Scotland are taking opportunities ahead of many of their rivals. Affording the investment to make the most of these can be an issue, however.
Many companies are finding results through factoring. Invoice discounting is also helping many in a similar way.
Linn expects the growth of its fortunes to continue, having released a new system at the lower end of the market, and with digital downloads from its own record label.