One of Gloucestershire's longest-standing family-run firms has revealed a 16 per cent rise in turnover to £40.15 million.

Watts of Lydney Group Ltd, a group of businesses headquartered in the Forest of Dean, saw its turnover increase £34.6 million.

Gross profit was marginally up from £6.217 million to £6.242 million and profit after taxation down from £1,003k to £901k.

"Shareholders funds have increased by 30 per cent to £18,642,000 or £3.35 a share.

"The 16 per cent increase in sales is largely due to an increase in the volume of low margin truck sale partially offset by lower sales of higher margin products in Watts Urethane Products," said chairman John Thurston, who is also the grandson of Arthur Watts, and the great grandson of Josiah Watts who founded the original company, J.S. Watts & Son.

Staff numbers at the firm rose from 178 to 195 during the year to December 31. The firm also said its Watts Trucks currently enjoyed 30 per cent of the market share in South Wales.

Trade for the business is primarily in the UK, where is increased from £32,674,000 to £36,862,600. Trade into Europe fell from £850,000 to £565,000 and to the rest of the world was marginally down from £1,080,000 to £968,000.

News broke in September last year that Watts would be moving from its Mercia Road truck centre property in Gloucester after planners granted permission for a new Lidl store on the site.

Front image shows the former Watts Truck Centre in Mercia Road, Gloucester.

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