George Sharkey lifts profit margin from 0.9% to 1.1%

George Sharkey and Sons lifted its profit margin last year to 1.1% thanks to pre-tax profit rising to £470,000.

In the previous period Sharkey’s 0.9% margin was the result of profit running to £310,000.

Based in Musselburgh, East Lothian, Sharkey is a fit-out specialist.

The latest figures cover the 12 months to 31 March 2008 and show turnover at £41m, well ahead of the previous figure of £34m.

The net cash inflow from operating activities was £2.2m which was a big improvement on the previous figure of £240,000.

All in all, Sharkey enjoyed a £5.4m increase in cash curing the year which was a turnaround on the previous period when there was a £3.2m decrease.

The directors stated: “The company continued to trade profitably.”

The company avoids giving a figure for its creditor payment days.

The highest-paid director received £82,000 as pay plus an additional £103,000 to his pension pot, making £185,000 in all.

In the previous year he took £220,000 for his pension and another £83,000 as pay – totalling £303,000.

The company’s total pension cost this year of £283,000 was divided between 190 employees and the total bill for wages and salaries ran to £6.0m which was up from £5.8m in the previous year,

The company is controlled jointly by Stephen Sharkey and Scott Sharkey.