Fife-headquartered glazing specialist CR Smith sees 2021 profits gleam

Fife-headquartered glazing and home-extensions business CR Smith has cheered a jump in annual profit as homeowners continue to upgrade their properties.

The business says accounts lodged for CR Smith Glaziers (Dunfermline), its domestic sales arm, show an increase in profits after tax of 10 per cent for 2021, despite the challenging economic backdrop.

Operating profit last year came in at £175,989, up from the £170,223 seen in the prior period, which it noted spanned 16 months because of a four-month shutdown due to the pandemic. Profit after tax in 2021, which also included a further partial close due to Covid-19, amounted to £97,366, up from £88,258, while the figure for the previous 12 months was £103,845.

Last year saw turnover come in at £20.2m, which was down from £23.6m, although CR Smith said that when the figures are extrapolated monthly and compared, pro rata turnover is up 14.6 per cent and operating profit up 37.8 per cent, while profit after tax on the same basis has increased by nearly half. The firm also said profits for 2021 have been added to the company reserves.

CR Smith, which says its roots date back to 1917, and has grown to now have 400 staff across manufacturing, installation, sales and customer service, also pointed out that last year it continued to invest in the business, including £225,000 allocated to fixed assets to batten down the hatches against market turmoil.

It added that continued product development led to the launch of the latest iteration of its Lorimer range of windows and doors, while the introduction of new digital systems allowed it to extend its reach and enhance its sales and design process, developments it says have helped it meet the increasing number of enquiries for sunrooms, orangeries and extended living spaces as customers “reimagine their homes to suit changing lifestyles”.

CR Smith also flagged growth in its Fix business that answers calls from homeowners who have windows and doors from businesses no longer trading, or who prefer to repair their old windows rather than to replace them.

The group’s director George Eadie said: “While economic conditions have remained tough, homeowners have been prepared to invest in their homes for more living space or to ensure the best possible energy performance with quality windows. Having worked hard to anticipate and deliver against this challenging market, we have seen turnover steadily increase. The careful management of our financial commitments and costs has meant that we are also able to invest healthy profits back into the business. We hold a strong position in the home improvements market, and remain confident that the measures we have put in place will continue to support future growth.”

Gerard Eadie, who is chairman of CR Smith, and purchased the company as a 22-year-old. Picture: Lesley Martin.

Mr Eadie’s brother Gerard bought CR Smith when he was 22 and has led it for the last 48 years, now holding the role of chairman, while he created Hand Picked, a jobs initiative to champion young people into work, and The Shoot Charitable Trust, which says it has raised millions for causes including cancer centre specialist Maggie’s. Additionally, CR Smith says it was a key partner in building the Social Bite village in Edinburgh aimed at people affected by homelessness.