Highland company confident that diversity will provide new opportunities for the future
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Turnover and pre-tax profits have increased for an Inverness construction equipment supplier.
Highland Industrial Supplies – which lodges its accounts as HIS Holdings – sells to the engineering, agriculture, manufacturing, hotel and catering industries, as well as the public.
The firm is also involved in the letting and development of commercial property.
Sales continued to rise for the year ended January 31, 2020 despite the closure of its Glasgow depot last year.
Turnover increased from £44,599,770 in 2018/19 to £46,958,948 for the following 12 months.
For the same period, pre-tax profit rose from £507,643 to £1,094,599.
A strategic report accompanying the business’s latest accounts, lodged with Companies House, stated management of the business and execution of its strategy was subject to various risks, with Covid-19 among them.
"Despite a fall in sales due to lockdown post-year end, results have been positive," the report stated.
"Internet sales have seen a large increase. Initially the group kept our stores open with a small team of staff on a click/call and collect bases only.
"All our stores are now open to customers with social distancing measures in place."
The report also stated Brexit may lead to a more challenging environment in the short to medium term.
It went on: "However, the directors will continue to monitor the situation closely and identify new opportunities for the group over the years ahead."
The report added: "The directors remain confident that the diverse nature of the group will continue to provide new opportunities for sales both in-store and through the continued development of the group’s website."
The firm is headquartered in the city’s Seafield Road and has depots in Elgin, Turriff, Kirkwall,
Fort William, Dundee and Perth.
The average number of employees dipped from 239 in 2018/19 to 238 in 2019/20, while staff costs increased from £7,021,201 to £7,245,358.
