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SCOTTISH TRAILER manufacturer and repairer Gray & Adams increased its
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operating profit by £3.4m last year, but only because of an adjustment to the way its pension scheme assets are measured.
The Fraserburgh company admits the increase to 18.4m for the year ending 30 April 2006 is -largely due to the adjustments arising from the implementation of the pension accounting standard FR SIT'.
This standard was introduced so that surpluses or deficits in defined benefit schemes can be recognised in an employer's balance sheet. If the effects of this accounting standand arc excluded, the group's underlying operating profit actually fell during the period, according to the company. Turnover increased by 4.4% to £92.7m: pre-tax profits were 18.4m. up from E5m in 2005.The accounts report states:"Approximately 10% of raw materials are imported from other Et ; countries and therefore the group is exposed to the movement in the Euro-Sterling exchange rate.'llie group seeks to manage this risk via appropriate treasury management.
"As for many businesses of our size, the business environment in which we operate continues to be challenging."
The pension deficit at the year end was 18.9m, compared with £10.2m in 2005.The company says: "A plan has been instigated to reduce the pension deficit."
Gray & Adams was unable to comment as CM went to press.