Encore Envelopes Financial Statements
Posted on the 18 August 2017
Washington business and the UK’s largest independent manufacturer of printed envelopes, Encore Envelopes Limited, this week posted its results for the year ended November 30, 2016.
The Company, which employs 220 staff across two sites, reported sales revenues were down by £1 million to £28.3 million and the net profitability of the company has fallen from just over £1 million to £758,000.
Commenting on the figures Russell Croisdale, Managing Director, explained the market remained very competitive, with a further fall in mailing volumes in the UK and indeed Europe wide.
He said: “This fall in demand has driven down prices further and it is this that has hit sales revenues and also our gross profit margin, which has fallen by 1.5%.
“We continue to improve efficiencies and keep a tight grip on our overheads and are therefore able to maintain a level of profitability which allows us to sustain our policy of investing for the future.
“A half million pound spend on a brand-new envelope converting machine has broadened our product portfolio as we move into the production of printed seed packets for the horticulture industry. With more investment plans to follow, we remain committed to securing our place as the UK’s most up to date and customer focussed supplier of printed envelopes.”