Grimsby-based man-made fibre specialist Lenzing Fibers has reported a return to profit, as continued investment helped push figures back into the black after a turbulent 2014.
According to its latest annual accounts for the year ended 31 December 2015, total sales rose by 1.09% to £64.5m from £63.8m on last year. Gross profit more than doubled to £13.4m from £6.2m.
The company, which manufacturers lyocell fibres that are used in a variety of products – including mattress and upholstery, posted an operating profit of £5.7m, while registering an overall profit of £5.2m for the year, compared to its loss of £2.2m in 2014 – an upheaval of £9m.
Contributing to the turnaround was significant investment in research and development, which has resulted in a number of new product trials that are expected to fuel further growth moving forward.
Lenzing Fibers Grimsby, which is a wholly owned subsidiary of Austrian-based Lenzing Fibers Holding, pumped in £1.4m of investment throughout the year, bringing its combined two year total of investment to £3.1m in research and development practices.
The company houses the Tencel, Modal, Viscose and Lenzing FR brands.