Barr + Wray Ltd has reported strong results for the year to September 2011 with turnover increasing by 17% for the second year in a row.
Overseas markets, particularly those in the Middle and Far East, now account for around 35% of the group turnover.
“The business has taken a real step forward this year and it is extremely encouraging to see the company continue to enjoy double digit growth, despite tough global market conditions,” said Alister MacDonald, chief executive, Barr + Wray.
Based in Hillington just outside Glasgow, Barr + Wray’s group turnover increased from £15 million to £17.4 million in the last year, adding to the progress made from 2009 to 2010, when turnover also increased by 17%.
“These results are a testament to the hard work and dedication of our people, not just here in Scotland, but all over the world,” added MacDonald.
Profits before tax also increased, breaking the £1 million barrier after increasing by 24% from £930,000 to £1.15 million.
The results have come in the wake of Barr + Wray’s increasing presence overseas, with more and more business being driven from the company’s divisions in Dubai and Hong Kong, both of which have expanded significantly during the year.
MacDonald said the firm is focused on increasing the level of business coming from overseas markets in the years to come and has a strategy in place to achieve 50% of turnover from markets outwith the UK by 2015.
“As part of this strategy, we have plans in place to open further regional Barr + Wray bases in other overseas territories, including North and South America. By continuing to make progress in these important overseas markets, I believe we are on target to continue this sustainable growth and be turning over in excess of £25 million a year by 2014,” he added.
Among the projects Barr + Wray has been involved in during the past year are:
- Jumeirah Messilah Beach, Kuwait (€2m spa/pool contract)
- Espa @ Resort World of Sentosa, Singapore (£1.8m spa/pool contract)
- MGM Grand, Beijing, Sanya Island & Egypt (spa engineering consultancy)
- Jumeirah Etihad Towers, Abu Dhabi (spa engineering consultancy & supply)
- Rocco Forte Hotel, Abu Dhabi (spa engineering consultancy & supply)
- Four Seasons Hotel, Baku, Azerbaijan (spa engineering consultancy & supply)
- Leela Hotel Group, Delhi, Udaipur & Mumbai, India (spa engineering consultancy & supply)
- Caprice Gold, Istanbul Turkey (spa engineering consultancy)
Major sporting events such as the 2012 Olympic Games and 2014 Commonwealth Games has provided opportunities; the company has won business from the organising bodies behind both events.