The Courier & Advertiser (Angus and Dundee)
Dundee glazing firm’s clear vision for future
MANUFACTURING: Former jute firm prospers in new market
A historic Dundee company now in new markets increased its pre-tax profit more than three times.
Malcolm, Ogilvie & Company’s portfolio includes the manufacture of insulated glass units and supplying solar panels.
Its subsidiaries are Ravensby Glass and Discovery Solar Systems.
Dens Metals was also part of the group but has closed.
Formed almost 170 years ago as a jute spinning and weaving company, Malcolm, Ogilvie & Co’s turnover in 2014 fell back 9.1% to £10.4 million.
The West Pitkerro Industrial Estate group saw a £3.5m fall in non-ferrous metal sales, but glass sales rose £2.6m.
The industrial glass division made a profit of more than £70,000 instead of a forecast significant loss.
The sales rise was due to the opening of a second manufacturing site at West Pitkerro geared towards commercial glazing.
Photovoltaic activity was reduced because of lower government provision and promotion of Feed In Tariffs and an inability to secure sales.
The fall in group turnover was turned into a near fourfold rise in operating profit at £584,137, due to government grants and rental income.
Pre-tax profit was up from £154,205 to £537,313.
A grant was received from Scottish Enterprise for the second glass manufacturing facility.
Chairman Nicholas Cunningham said the group’s accounts reflected “a financial outcome which is considered acceptable under all the circumstances”.
The directors remain confident of future growth for glass products, and will focus on that sector for the foreseeable future.
They believe the group is well placed to progress, with the greater volume capability arising from the second glass processing factory.
The vast majority of Malcolm, Ogilvie & Co’s total workforce of 121 are at Ravensby Glass where turnover rose by 37% to £9,873,637.
Pre-tax profit fell 13.3% to £70,462 due mainly to the start-up costs of the second facility.