Swift reveals record results
Swift Acquisitions Limited, the parent company of Swift Group, the largest leisure vehicle manufacturer in the UK, saw its turnover last year hit a record £289m and its operating profits (before goodwill and exceptional items) hit £21m.
It said that while its record turnover reflects growth across all product lines with increasing market share, it was its export turnover that was considerably up – rising by 43% from £16.1m to £23m . This was the result, said Swift, of ‘proactive targeting of international opportunities’.
In line with many manufacturers, both in the UK and in Europe, Swift said it expects this year to be more challenging. “Current trading and market share growth remains positive, but profit expectations for 2019 are lower given the ongoing uncertainty caused by Brexit.”
During last year, Swift also invested heavily in its facilities, spending nearly £10m on its production facilities and systems, which it said will enhance the construction techniques and quality of its product, together with investment in its hire fleet with the opening of the first manufacturer owned and run motorhome rental business in the UK, called Swift Go.
“The directors are extremely pleased with the performance of the business during ever more challenging times. Significant investments in capital equipment, training, education and technology have again been made, which further enhance the total Swift offering. We are well positioned to take advantage of future opportunities,” said James Turner, Managing Director.