Leisure giant Swift Group’s sales have topped £300 million for the first time as it grew dramatically to meet the huge demand for domestic holidays.
The Cottingham touring caravan, motorhome and holiday home manufacturer recorded revenues up 29 per cent, from £232.6 million to £301.1 million, with operating profit leaping 48 per cent from £14 million to £21.3 million.
The results for the year to September 2022 surpassed 2018’s £287.7 million turnover, achieved ahead of a period of Brexit uncertainty putting pressure on big ticket items and the Covid lockdowns. Since restrictions were lifted the industry has boomed, and last month Hull neighbour Willerby passed the £200 million sales milestone for the first time in its 77-year history.
Read more: Swift gears up to feed the 1,500 as new staff facilities added to fuel leisure growth ambition
In the strategic report accompanying the just-published results, Swift’s chief executive, James Turner, said: “The latest financial year reflected a period of growth as highlighted in the overall sales performance of the company. Aligned to its strategic objectives, the company was able to capitalise on strong consumer demand for its product base. The company also continues to focus on the design and innovation of its products ensuring they remain at the forefront of their respective markets and meet the needs of the consumer.”
Employment increased by 180, from 1,015 to 1,195 at the heavily invested 106 acre site north of Hull, with a similar level of recruitment since the year end. Numbers now stand at 1,300, with a need for 1,500 in the short to mid-term recently identified.
A first national television advertising campaign has recently been launched by the firm to drive further orders, with lines full through to mid-2024, when it will celebrate its 60th anniversary.
Acknowledging supply and inflationary challenges, Mr Turner said: “Looking forward to the next financial year, the directors believe the company is well positioned to achieve its financial and strategic aspirations. The company will continue to innovate products in order to meet the expectations of the changing consumer demographic post-pandemic. In addition and in order to facilitate future growth, the company has committed to a number of capex projects to increase its overall manufacturing capacity and drive efficiency through its operations.
“In the current financial year, the company opened additional motorhome production lines to service the demand for its product. The company also intends to expand the capacity of its holiday home assembly facility through strategic investment in manufacturing machinery and technology.
“That said, the outlook for the coming year is not without challenges due to the continued long term effects of the pandemic, the conflict in Ukraine and UK economic pressures driving a high inflationary environment. Whilst some of these risks remain out of the company control, proactive decision making and its diversified product line up ensure the long term viability of the Swift brand across the various leisure vehicle markets it serves.”
The vast majority of sales were achieved in the UK, with £25 million overseas. Motorhome rental, operated from locations in Manchester, Edinburgh and London brought in £1.6 million.
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