The Stannah Group, the largest stairlfit manufacturer and supplier in the UK, grew more than 6% last year but its operating profit fell from £10m in 2016 to £5m in the year ended 31 December 2017.
Turnover increased to over £250m, which is £40m ahead of rival Acorn.
Stannah’s starilift division made up 34% of the group’s overall sales, achieving £85m in revenue, but its profits also declined.
Managing director, Jon Stannah, told AMP that the group’s profit fall was partly due to the setup, integration and goodwill write off of new subsidiaries.
He also cited “significant investments” in product development and IT and “challenges in some markets”.
He added: “We fully expect our recent acquisitions and investments to deliver over the coming years and will continue to invest for the long term.”
Stannah’s products and services are under constant review, as part of its R&D strategy.
In a special AMP report, it said that R&D is ‘not always about the next new product’ but is often about ‘challenging what you currently do’.
Earlier this year, brothers Brian and Alan Stannah, who are joint chairmen of the stairlift giant, were jointly named as the 693rd richest people in The Sunday Times Rich List.
The brothers are estimated to have a fortune of £171m according to the annual ranking of the UK’s 1,000 wealthiest people.
Under the brothers, the company has produced more than 600,000 devices since it launched in 1975.
Image credit: Stannah