Fishers Laundry Group has unveiled an 11 per cent drop in annual profits following a “year of significant investment” for the venerable Fife firm.
The Cupar-based company, which cleans, irons and delivers more than two million items a week, said pre-tax profits for 2015 fell to £2.4 million, down from £2.7m the previous year, as labour costs rose on the back of the national minimum wage and it geared up to launch a “super laundry” in Coatbridge.
The £5m facility, which opened in March, has the capacity to wash and dry about 650,000 items of bed linen and towels a week for hotel customers.
Turnover at the business, established in 1900, edged up to £34.9m, from £34.8m in 2014.
Managing director Michael Jones said: “2015 was a year of investment for Fishers, preparing for the 2016 launch of Scotland’s first super laundry, getting closer to our customers, increasing our efficiencies and further improving our environmental footprint.
“As the market leader in Scotland and the north of England, it is important that we stay competitive whilst offering the best service to our customers. Our investments are already having a positive impact on our 2016 performance.”
Jones said the company has enjoyed a number of new business wins this year, adding an extra £1m to its revenues so far. It has also launched its own luxury linen range, featuring built-in radio frequency identification (RFID) technology under a tie-up with French group UBI Solutions, to help keep track of its stock.