Turnover dropped 2% to £27.2m. “The company continues to maintain its market position, although turnover has decreased from last year due to the economic climate,” said Wellington.
Operating profit for the c.800-strong group fell from £20.6m to £17.6m. Disposals in the year generated a net profit of c.£600,000.
The value of its assets was maintained at the prior year’s valuation.
“The directors’ view is that asset values have increased since the year-end, but have chosen — for prudence measures — not to make any adjustments to the asset valuations.”
Wellington, which is owned by the Reuben Brothers and managed by Criterion Asset Management, increased its interim dividend from £3.2m to £3.6m. Directors did not recommend payment of a final dividend.
The firm said it “experienced difficulties” in the year collecting payments from its debtors and, as a consequence, a provision has been made in the account for “doubtful debts”.
Its balance sheet includes a £2.3m provision for “other debtors”, while trade debtors owed £3.9m (2012: £2.7m).