Raise a glass to CR Smith's 500% surge in profits

FIFE glazier CR Smith has posted a dramatic 500 per cent rise in profit to £253,000 following a return to the black last year.

In the latest set of results filed with Companies House, the firm said it expected there to be a continued improvement in the current financial year.

CR Smith reported profits of just 53,500 in its previous accounts – for the 18 months to March 2007.

But the company, which has its headquarters in Dunfermline and makes windows, doors and conservatories, said it was still suffering because of a 4.6 million legal wrangle with a component supplier in its previous financial year.

In the 12 months to the end of March, CR Smith reduced the salary of its highest-paid director – believed to be Gerard Eadie – from 199,000 to 157,000.

CR Smith directors recommended that a dividend should not be paid for the year, adding that all profits would be transferred to reserves.

Eadie said in a statement filed with the accounts: "At the date of signing this report, the directors are satisfied with the future prospects for the company as the overall business has now returned to an acceptable level of profitability, which is projected to improve in line with budgeted plans."

The company's employee numbers rose slightly over the period, to 354 from 343.