Liverpool’s oldest manufacturing company, which has a long-standing deal with the London Underground, has branded 2021 as a “difficult year” as it battled with the Covid-19 pandemic.
RS Clare was founded in 1748 at the start of the Industrial Revolution and supplies lubricants to the rail, oil and gas, marine, steel and automotive industries.
The group has said the pandemic and the re-opening of the world’s economy “had some profound effects” that included price increased and global supply chain issues.
In newly-filed documents with Companies House, RS Clare added that the issues also included global employment inefficiencies but that it and sister firm Wilson and Scott (Highways) remained profitable and have a “positive view on their future opportunities”.
The group added: “RSC’s confidence in their future can be seen by their major capital investment in their Liverpool factory which is still ongoing.
“Whilst W&S have maintained their investment in their people, vehicles and machinery and have a full work program looking ahead.
The accounts for the 12 months to December 31, 2021, show the group’s turnover dipped slightly from £40.6m to £40m and its pre-tax profits went from £6.1m to £5.1m.
On its future outlook, the group added: “The world economy is in a stop-star mode which can lead to both inflation of costs and global supply chain shortages.
“We believe that we have a comprehensive risk management process to deal with these eventualities, which when combined with our diversification and strong balance sheet will allow us to come through the current instability in world markets in a stronger position.
“We plan to keep growing our business whilst maintaining a strict management of our cash flows and resources at this time.”
