Bathroom fitting company Samuel Heath & Sons has boosted profit and turnover and disposed of all of its holdings after adopting a cautious approach to the market.
In its annual results for the year to 31 March 2014, the Birmingham-based manufacturer said today that pre-tax profit had risen to £610,000 (2013: £450,000) with sales up to £10.9 million (2013: £10 million).
Chairman Sam Heath said: "We decided to be far more cautious with the company's investments, in view of the uncertainties around the world.
"We have therefore disposed of all of our holdings, resulting in a profit on cost of £58,000, and are now keeping our cash reserves on deposit.
"We experienced considerable success with most of the new lines launched during the year and there was improvement in some, but by no means all, of our markets.
"We should emphasise that trading has certainly not regained the position of pre-crisis level. So far in this trading period, our sales have been below that achieved in the same trading period last year.
"In addition, the current strength of sterling compared to many world currencies, will have a detrimental effect on our sales revenue and profits, which are earned from overseas."
A final dividend of 6.25p per share has been recommended, making a total of 11.75p for the year.
Samuel Heath designs and makes taps, showers, bathroom accessories and architectural hardware.
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