Merseyside manufacturer and exporter Lattimer sees revenues rise to £24.7m but profits plummet amid ‘crippling energy cost increases’ at one of its subsidiaries. Tony McDonough reports

A Merseyside manufacturer and exporter of components for machines that make glass containers is reporting a rise in annual revenues but a fall in profits.

Lattimer Group, which has its headquarters and main manufacturing base in Southport, has posted its accounts for the 12 months to March 31, 2024, on Companies House.

They show a 3.8% rise in revenues to £24.7m in a year chief executive Stephen Waterhouse described as “satisfactory”. However, Lattimer saw a big fall in pre-tax profits from £2.3m in the previous year to just £416,000. 

In the annual report, Stephen said the company’s Yorkshire-based subsidiary Hunprenco, a plunger and cooler manufacturer, had suffered due to “tightening market conditions”.

He added this was “mixed with unusually high material cost increases and crippling energy cost increases. Hunprenco is a high energy consumer through its high velocity metal spraying equipment.

“Competitors in Eastern Europe, China and South America were not troubled by the European energy crisis and significant price increases could not be passed on to our customer base.”

As well as its manufacturing bases in the UK, Lattimer has offices across Europe, the Middle East, Africa, North, South and Central America, Central and Eastern Asia and Australasia. It employs more than 200 people.

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In August 2023 it paid just over £3m to acquire German business Hartmann & Bender (H&B). Backed with a six-figure loan from NPIF – FW Capital Debt Finance, Lattimer has invested “substantially” in new manufacturing equipment.

In the report Stephen added: “Lattimer UK and US traded well and on target during the year. H&B has contributed seven months trading in the period and results have been in line with expectations.”

January 2024 also saw the retirement of Mark Hailwood as managing director. He joined Lattimer in November 2004 as operations manager and was promoted to managing director in 2008. More recently.

At the time of his departure, the company said: “Mark has been a driving force for improvement and modernisation across the businesses within the group and has always been relentless in his drive to increase the quality and performance of product produced within the group. 

“We would like to wish Mark a long, happy, and well-earned retirement.”