The group behind Williams Refrigeration, Millers Vanguard and Mono Equipment is maintaining a positive outlook in spite of uncertainties arising from Brexit.
AFE Group in King’s Lynn reported a small drop in turnover from £119m in 2015 to £118 in 2016, but saw a modest gain in pre-tax profits from £18.8m to £19m, according to data filed on Companies House.
Chief executive Tim Smith was reported by the Eastern Daily Press as saying: “We remain optimistic towards future sales growth; however activity levels within a number of key market sectors is seen as changeable in the year ahead as major clients undertake strategic reviews of their business models particularly in light of the Brexit referendum and uncertainties that arise in the economic and currency markets.”
However, Smith warned that challenging markets and regulatory changes arising from the Energy Related Products Directive – which set energy performance standards – and controls on fluorinated greenhouse gas used in refrigeration who present challenges for the business and its brands.
According to the report, AFE group plans continued investment in research and development as part of its strategy.
Employee numbers increased by 56 to 1,246 during the year, reflecting continued growth of the group.