Lyreco exceeds expectations after profit rise
Stationery supplier Lyreco said sales last year exceeded expectations by clocking in at more than £270 million.
The Telford-based business, part of a French office supplies giant, racked up sales of £270.1 million for the year to December 31 2018, up from £261.7 million million the year before.
The company expects its revenue for 2019 to be higher than its 2018 total.
Its pre-tax profits dropped from £12.2 million to £8.1 million over the same period.
The business said its pre-tax profits represented an "acceptable return during a challenging economic year".
A statement on behalf of Lyreco added: "The company maintained strong controls over its operating expenses, continued to focus on driving efficiencies and maximising working capital opportunities but was adversely impacted during 2018 due to the on-going weak position of sterling versus the Euro.
"The turnover for the next reporting year is anticipated to exceed that of 2018, in an environment showing on-going controls on expenditure by clients and with a general decline in the market for traditional product ranges such as IT consumables, paper and filing products.
"The company recognises the on-going and continuing challenge linked to the UK market decline of the traditional office supplies product ranges, and future company developments will be aimed at maximising our opportunities to protect and grow our market share in these traditional product ranges whilst also focussing on the continued expansion into newer ranges such as as Personal Protective Equipment, catering, hygiene and print."
Lyreco also saw its number of employees rise from 1,397 in 2017 to 1,420 last year.