Stiltz reports 38.1% growth in turnover as homelift specialist invests in growth
Stiltz Limited has reported a significant increase in turnover for the year ended 31 December 2019 as revenues hit £20.2m.
According to the report, Stiltz’ directors were “very pleased” with trading turnover, which grew by 38.1 per cent compared to the previous year. The growth was driven by volume increases in both domestic consumer and international trade channels.
The company revealed gross profit (£7.68m) was 38 per cent, down four points to the prior period which was largely attributed to an investment in its UK installations team.
In addition, Stiltz says that administrative expenses were up by 38 percent as the business continued to invest in headcount and systems to support growth.
The homelift manufacturer reported an operating profit of £416k and a pre-tax profit of £340k for the year ended 2019.
Confirming further growth in 2020, Stiltz’ has continued to invest in its infrastructure throughout the year despite the coronavirus pandemic. In March 2002, the company implement a new, fully integrated IT system and July saw it move into its purpose-built headquarters in the West Midlands.
In addition, the homelift specialist initiated a nationwide recruitment programme. According to the directors, the new headquarters will facilitate future growth in headcount and warehouse stock.
Stiltz was also recently officially recognised for its continual growth and success by gaining a ranking on the 24th annual Sunday Times Virgin Atlantic Fast Track 100, a list of the UK’s top 100 performing private companies.
Describing the impact of COVID-19, the company’s strategic report revealed supply of homelifts from its production facility in China was first impacted in February, where a whole month’s production was lost.
Throughout Q2, when lockdown took place across Europe, Stiltz says it experienced a decrease in invoiced sales and installations due to “understandable reluctance” from customers, as many people were shielding due to their age or medical condition.
However, the homelift manufacturer bounced back from this disruption in Q3, which saw the company experience record order intake.
Looking beyond 2020 and at future prospects for Stiltz, the report reads: “The directors are excited by the future prospects for the business. We have ended the period with record order intake and a very strong order bank which will provide increased profitability in an ever growing market.”
