SDC Trailers reports improved financial picture after shedding 155 jobs
THE Chinese owned SDC Trailers has reported an improved financial picture for the business after shedding around 150 jobs in 2020.
The Toomebridge-based company, which was acquired by CIMC Vehicles of China in 2016, is the largest manufacturer of semi-trailers in Britain and Ireland.
It also operates sites in Mansfield and Sutton in England.
Even before the impact of the Covid-19 pandemic, the company had announced plans to cut jobs amid “the uncertainty of Brexit and other economic concerns”.
Accounts for SDC Trailers Ltd show 155 jobs were eventually cut during 2020, leaving the manufacturer with around 541 workers.
But the latest report filed with Companies House shows an improving picture, with turnover rising by 42 per cent to £182 million in 2021, exceeding pre-pandemic levels.
Pre-tax profit hit £4.4m last year, outperforming both 2019 and 2020.
The company was also back recruiting again, adding 32 jobs last year, leaving SDC Trailers Ltd with 573 staff on its books.
CIMC Vehicles UK has also indicated that sister Toomebridge firm MDF Engineering will be incorporated into the SDC Trailers business in 2022.
MDF had 159 staff on its books last year, with a turnover of £25m.
In the latest company report, SDC Trailers’ directors said the firm had continued to build on its “strong recovery in late 2020”, retaining its status as the UK’s leading trailer manufacturer.
But the directors warned: “The company continues to face challenges, namely rising material and energy prices, which are largely out of the company's control.
“Measures implemented in 2020 to limit risks to employees have been maintained whilst further savings and fixed overhead costs have been realised.”
The company said it intends developing its site in Toomebridge this year, with around £2m to be invested on ‘specialised plant and software solutions’.