High-profile Brexiteer John Elliott admits it’s been a “difficult year” for Ebac, as the Newton Aycliffe manufacturer posts a turnover dip and losses of £1.2m.
But sales of the company’s much celebrated washing machines, the only in the UK, have increased by 13%, Ebac revealed in its annual results.
And its chairman reckons the firm will return to a profit this year.
Ebac – the only British company to produce washing machines, dehumidifiers and water coolers in the UK – saw turnover fall slightly to £16.2m, with mild weather conditions meaning sales of dehumidifiers remained static.
The Aycliffe Business Park firm posted an anticipated loss of £1.2m, which included the impact of development costs relating to a new watercooler product for the US market, continued investment in its washing machine production and investment in technology and logistics to facilitate more direct sales.
A year ago, Ebac revealed a sales increase of 14% to £17.5m – up from £15.3m the previous year – with an annual profit of £362,000.
Ebac founder and chairman Elliott said: “2018 was a difficult year, but because there are no private shareholders it enables us to take a long-term view and continue to invest for the future.
“I am confident that the business will return to profit in 2019 and by 2020 will be reaping the reward of the investment in research and development of new products and markets.”