Profits Up At McConechy’s

McConechy’s Tyre Services, Scotland’s biggest independent in truck tyre supply and repairs, has recorded a 53 per cent rise in profits. The results come just under a year after the company announced that its surplus had fallen by around 50 per cent. In its latest set of financial accounts, McConechy’s reports pre-tax profits of £975,942, compared with £636,368 the year before. However, this figure was a much as £1.2 million in 2005, a height that the company said was hit by one-off restructuring costs including the closure of its Paisley retreading plant. The 2006 accounts show that turnover is up 7 per cent to £33.8 million.

The report added that directors plan to invest £1.4m this year as part of its ongoing programme of refurbishments, relocations and acquisitions.

Donald Carmichael, the company’s managing director, declined to comment on possible acquisitions, but told The Herlad: “We are alive to what is happening in the market, although we have made no acquisitions yet. I can tell you that conditions are still tough out there, but it has been a good year and we are very pleased with the way the year has gone.”