Acorn Stairlifts believes it is well-placed to manage the “detrimental” economic impact of coronavirus given its cash position.
The company filed its accounts with Companies House this week and revealed that it has cash reserves of £9.8m, net assets of £15.1m and no bank debt as of 30 September 2019, when its accounting year ended.
It said that “broadly remains the case today”.
Acorn remains one of the powerhouses of the industry, generating revenues of £241 million in 2019, an increase of 7% versus the previous year.
Yearly profit rose from £5.5 million to £27.7 million over the same period.
Acorn Stairlifts was founded in 1992 and now boasts 1,588 employees globally. This was up from 1,536 at the previous count.
Its UK-made stairlifts make up 71.5% of its total turnover.
Group finance director Joanne Richardson commented: “Our latest results show continued sales growth, both in the UK and our overseas markets.
“Improved operational efficiencies have positively impacted the overall result, maintaining our market-leading position.
“The COVID-19 pandemic emerged after this results period and the business has had to adapt during this challenging time. However, we expect the effects to be short term.”