Stirling firm's growth
Mini conglomerate Castle View boosted by contract wins
Sports centres are among the firm’s interests
New business activity saw Castle View Ventures, the Bridge of Allan-based sports and food business, enjoy a rise in operating profit to £10.2 million in the 12 months to March from £8.87m in the previous year.
Turnover rose 16.6% to £240.2m driven principally by a series of contracts won by its wholly-owned subsidiary, Sports & Leisure Management (SLM).
Profit before tax was £10.26m compared to £18.13m in the previous period, which was boosted by accounting for the unrealised gains on revaluation of a 2009 fixed asset investment in NuCana, a Scottish Nasdaq-quoted biotech business.
As in previous years, the bulk of CVV’s sales and profits came from its subsidiary, SLM, a Leicester-headquartered business which currently manages around 200 sports and leisure facilities on behalf of 63 local authorities in England and Wales.
Referring to SLM’s performance, Martin Bell, group managing director, said new contracts, together with increased throughput in existing centres resulted in a 19.5% cent increase in turnover to £227m and a 30% increase in profit before tax to £12.1m.
The newest operating subsidiary of CVV, Everyone Health, formerly knowns as the Weight Management Centre, specialises in the delivery of obesity and weight management education and intervention programmes.
A transfer of public health contracts from other parts of the group and contracts won during the year increased turnover to £8.2m from £2.8m As a result, there was a pretax profit of £1.4m compared to a loss last year of £449,000.
At Cambuslang-based UIN Foods, the cessation of a loss-making product line resulted in a decline in turnover to £10.9m from £13.73m. In a highly competitive environment, subject also to customer price pressure and volatile commodity prices, the business performed creditably in recording a £23,000 profit compared to a loss last year of £276,000.
The challenging climate facing both the private and public sector institutional catering sectors led to a fall in sales from £2.28m to £2.07m at CVV’s catering software business, Inhouse Manager.
It provides catering management systems which includes allergen reporting, nutritional analysis and meal ordering modules as well as helping to reduce administration and waste. Pretax losses were reduced to £208,000 from £449,000 in the previous year.