Sheffield surgical blade maker Swann-Morton bounces back from pandemic with strong results
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Swann-Morton said turnover increased 13 per cent from £22.8m to £25.8m in the year to September 30.
Profit before tax was £631,313, almost double the year previous, but a long way short of the £8.4m it made in the year before the pandemic.
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Hide AdBut the firm, which received a £646,000 government grant during the outbreak, has protected jobs. Employee numbers fell by just eight - from 348 to 340 - in 2020 and increased to 363 last year.
The firm exports to more than 100 countries and says sales to all three areas increased: UK, Europe and Rest of the World.
In the annual accounts, bosses said there were ‘significant price pressures’ but trading had begun to return to pre-pandemic levels as elective surgery resumed.
The Hillsborough-based company is a big presence in the Penistone Road area where it has three sites. Established in 1932, it attributes its success to the founders, who put the needs of workers first: ‘they are the human beings on which everything is built’.
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Hide AdThe company did not respond to The Star, but further analysis shows how decisions made during the pandemic are paying off.
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It cut its pension liabilities from £45.1m to £40m and invested £592,967 in autogrinder technology to cut blades, as well as sterile packing equipment and a foil cutting system.
It also significantly increased the amount of cash ‘at bank and in hand’ - from £1.3m to £2.9m.
A Sheffield financial expert who asked not to be named, said: “They have done incredibly well to get through a difficult period and ramp up production quickly when demand returned.
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Hide Ad“They’ve increased cash at hand, giving them the ability to buy stock or services quickly as they recover. And they made a big investment so they can compete around the world.
“Not taking dividends again shows prudence. This appears to be a company that cares about its brand, employees and the quality of its goods and products.”