ATL Turbine Services, a company that operates in the defense aviation, civil aviation, industrial and marine sectors, has reported “some of the most challenging” financial results in recent years due to a variety of factors, including inflation, rising energy prices and the availability of… Chain breaks.
The company’s latest filed accounts show that turnover fell by more than £200,000 in the year to June 2023 to £7.2m. Pre-tax profits plummeted from more than £1m in 2022 to £299,690 in the reporting period.
Dale Harris, chief executive of ATL Turbine Services, acknowledged an unprecedented rise in operating costs, with the company’s electricity bill alone increasing by 30%. He emphasized that while underlying business levels remain strong, the company faces significant challenges due to rising costs.
Despite these challenges, ATL’s sales in the UK increased slightly during the period to £5.2m, while sales in the rest of the world fell from £2.2m to £1.9m. The company refurbishes end-of-life aerospace and light industrial turbine components to extend their life and integrity.
Harris urged the UK and Scottish governments to provide more support for businesses and said the government should recognize and support the many SMEs struggling under the pressure of uncontrollable cost increases.
Despite a difficult year, Harris remains optimistic about the company’s future, highlighting a strong performance in the current financial year, new customer acquisitions and plans to enter new markets. Despite the cost of living crisis, ATL is committed to maintaining its employee pay review.