Wiltshire manufacturing firm Latchways said it was recovering from a “disappointing two years” as it unveiled a fall in annual sales and profits.
The Devizes-based company, which makes protection equipment for people working at height, reported a 14% drop in revenues in the year to March 31 to £33.1m with pre-tax profits down 28% to £4.9m. 
It blamed a difficult year in its European markets while its North American business had been affected by customer de-stocking. However, sales in the UK and Latin America had held up well, it said.
Latchways’ shares lost a fifth of their value in one day last October when it issued a profits warning.
But chairman Paul Hearson sought to draw a line under its troubles and said the group was in recovery mode.
“As highlighted in previous trading updates, we have experienced a difficult and disappointing two years, in response to which we have made significant investments in our sales infrastructure to restore growth,” he said.
“We expect a significant return. The new teams are only recently in place so it is too early to judge their success. That said, North America and Europe have made a positive start to the year and UK lead generation has been encouraging.”
