Cupar based Fishers posts profit

Commercial laundry business Fishers has returned to profit for the first time in four years as the Scottish hospitality sector finally shook off the effects of the Covid pandemic.

Recently released accounts for 2023 show turnover grew by £6.5 million to £47.4 million and the laundry business posted pre-tax profits of more than £3.9 million, compared to a loss in 2022 of £608,000.

The recovery has also seen the reopening of its Perth facility creating 80 jobs; after it was closed during the pandemic.

A spokesperson for Fishers said:

“Fishers’ 2023 financial results saw a welcome return to profitability at a pre-tax level for the company, finally shaking off much of the impact that the Covid pandemic had on the hospitality industry as demand for both business and leisure travel continued to recover. We grew revenues by 16% while increased margins, driven by operational efficiencies, saw a pre-tax profit of £3.9 million for 2023. While this was a welcome performance enhancement, our costs continued to be impacted by increases in the costs of natural gas and electricity, primarily due to geopolitical events in Europe.

“We expect a good level of business activity in 2024 with sustained levels of business and leisure travel helping to maintain volumes. We are making significant capital investment in 2024 to continue to improve our productivity and energy efficiency in order to offset rising wage and energy costs. Our people are vital to Fishers’ success and we remain grateful to them for their continued hard work, application and diligence.

“Our parent company, K-Bro Linen Systems Inc., reports an up-to-date consolidated financial position, including Fishers’ performance, on a quarterly basis.”