Linn Products, the Scottish high-end audio brand whose products are among the highest rated in the world, has warned of “challenging” European markets after posting a six-figure loss for the year.
The firm, which earlier this year agreed a £1 million funding package with Barclays, recorded a loss before tax of £636,000, according to its newly published accounts, compared with a profit of £872,000 a year earlier.
Turnover in the latest period, covering the year to the end of June, came in at just over £15.7m, marking a 3.8 per cent decrease on the previous year.
The group said it continued to make significant investments into research and development, totalling almost £2.4m, an increase of £325,000.
The privately-owned firm, which operates from a state-of-the-art factory at Waterfoot, on the outskirts of Glasgow, has invested heavily in music streaming technology, having made the switch from CD-based disc players some time ago.
During the year, the group’s total headcount nudged up to 171.
Managing director Gilad Tiefenbrun, said: "Trading conditions continue to be challenging reflecting consumer uncertainty, particularly in European markets. By continuing to invest in R&D we are building the skills, capability and products that will continue to delight our customers for years to come.
"Our latest innovation, Series 3, is the culmination of nearly 50 years of audio innovation and Scottish precision engineering, driven by our unwavering passion for music. Offering high performance audio quality combined with the convenience of wireless, Series 3 will change expectations of what wireless speakers are capable of."