Pall-Ex Group said last year’s pre-tax loss was “a momentary blip” and it has achieved a turnaround in 2020 with profits of over £2m.

Referring to the group’s financial results for the year ending 31 July 2019, which showed that although it increased revenues by 3%, it also reported a pre-tax loss of £1.8m, Kevin Buchanan, Pall-Ex Group chief executive said: “We experienced an unpredictable period in 2019 due to a number of factors; we have seen uncertainty in the market due to Brexit and the political unrest at the time.

“We also underwent the process of the sale of the business, which was a lengthy and complicated procedure that took the UK senior board away from our core operation.

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“While we have faced several challenges, it was a momentary blip within the business, the main contributing factor being the most profitable company within the group incurred a rare loss.”

The company said that since its management buyout in November 2019 it had been steered back to strength, with Buchanan adding that its senior board had been “reinvigorated”.

He said: “Despite all the challenges the business has faced over the last two years the board of directors are very confident of our future success in 2021 and beyond.

“It has been a challenging two years for the business and the industry, but we are fully focused on the future and continue to deliver the high-quality service we are renowned for.”