Turnover and pre-tax profits have risen at the Staffordshire-based UK arm of a German lubricant giant, according to new documents, despite volumes being down on the prior year.
FUCHS UK manufactures and supplies lubricating products and bespoke support packages, operating from an automated production plant in Stoke-on-Trent.
It is part of a global group which has 58 companies and more than 5,700 employees.
Accounts for FUCHS Lubricants (UK) show the business generated pre-tax profits of £6.9m for the year to 31 December 2022, up from £6.8m in 2021.
Turnover surged from £141.2m to £170m over the same period.
A statement signed off by the board said: “Volumes sold in 2022 were behind 2021.
“The war in Ukraine led to significant raw material shortages and unprecedented cost increases. These cost increases led to several selling price increases to maintain margin levels.
“Despite volume reductions and the lag between cost increases and margin recovery, our margins have surpassed 2021 levels in total.
“Overhead cost increases, particularly energy, distribution and labour cost have impacted on our cost base. Despite these issues, profits have exceeded 2021 levels.”
Original article from Insider Media