TEK have had a satisfactory year, with several large prestigious new clients based both in the UK and internationally having transferred their finishing requirements to TEK and others in the process of doing so. The benefits of these new clients only started to make an impact in the last few months of the 23/24 financial period and the subsequent months in this current accounting period have seen an increased in both our turnover and profitability.
With the knowledge that these additional large clients stating their intention to transfer their business to TEK by carrying out substantial trials with us and independent verification with UKAS test companies, we made the strategic decision to take advantage of our positive cash and no borrowing position by investing in higher raw material stocks in anticipation of the expected increase in profits and turnover.
This has also allowed us to negotiate better terms with suppliers in an inflationary climate and our strict fiscal policies have resulted in an even higher current cash position.
Our reputation as the leading specialist finisher continues to develop and our advanced finishes appealing to the higher end of the market and International Brands, which has also resulted in numerous weekly new account applications being received from new clients further improving our customer spread and market exposure.
We have invested in a new in-house laboratory to carry out more precise internal testing and processing verification of our numerous advanced and ever developing finishes.
We are increasing our staffing levels, and we are very optimistic for future expansion.