Encore Envelopes Financial Statements
Posted on the 30 August 2018
Washington business and the UK's largest independent manufacturer of printed envelopes, Encore Envelopes Limited, this week posted its results for the year ending 30 November 2017.
The Company reported sales revenues were down by £2 million to £26.3 million but the net profitability of the company has been restored to just over £1 million following a dip in 2016 to £758,000.
Commenting on the figures Russell Croisdale, managing director at Encore Group, explained the UK industry remains highly competitive, with a further fall in mailing volumes giving rise to continued aggressive pricing from the industry.
He said: "This pricing has led to some competitors failing, including Rapid Envelopes in Shropshire and Great Northern Envelopes ("GNE") in Leeds. As previously announced, Encore acquired the business of GNE from the Administrators in February 2018 and this has allowed us to increase our market share further, which will come through in the figures for 2018.
"The GNE acquisition has guaranteed continuity of supply for GNE customers whilst providing more volume for our efficient factory here in the North East. We've invested further in our manufacturing capability and as a consequence are creating more job opportunities here in the North East."
In Leeds, Encore is relocating to a more appropriate and modern facility where the well-established and experienced envelope overprint and sales operation will be able to thrive. Between Leeds and Washington, the Company is now able to offer a diverse range of products and quality of service which cannot be matched anywhere else in the UK.
Russell continued: "We have strengthened our Board of Directors - we have a successful and now reinforced envelope business whilst our packaging business, Encore Packaging Solutions (EPS), continues to grow. With the packaging side in mind we have been developing our envelope management team internally to maintain a core focus on the envelope side of the business whilst we press forward with EPS at Peterlee."
Encore Packaging Solutions secured BRC Global Standards accreditation in 2018, achieving the highest standard; AA. This has significantly broadened the appeal of the Company who can now also produce printed packaging for direct food contact, widening its potential market considerably.For more information on Encore Group Ltd, see www.theencoregroup.co.uk.