Fife firm reports pre-tax earnings boost

Chris Parr,'Tulliss Russell, Markinch, Fife'pic supplied by smart pr agency'free to use'Glenrothes Gazette'13.1.10
Chris Parr,'Tulliss Russell, Markinch, Fife'pic supplied by smart pr agency'free to use'Glenrothes Gazette'13.1.10

Fife-based company Tullis Russell has announced a £3.4m increase in pre-tax earnings for the year to March 2011.

The Group has also maintained a strong balance sheet closing the year with net positive funds of £11.5m.

Group Chief Executive, Chris Parr, stated: “As expected, market conditions were exceptionally challenging over the past year but despite this we have returned to profit and maintained an impressively strong balance sheet. At the same time we have further developed our long term strategic aims including the expansion of our global footprint within Asia, building our trucard brand and, together with our partner RWE npower renewables, progressed the construction of our new Biomass CHP Plant.”

He added: “We remain cautiously optimistic despite the continuing difficult economic climate. Weak demand, further raw material cost increases and rising energy costs, resulting from the Japanese disaster and unrest in the Middle East, will continue to exert short term pressures on our group.”