CROWN Paints has hailed a turnaround in fortunes following its private-equity-backed management buyout two years ago.
The company said it was now profitable after clawing its way out of the red last year on the back of a major overhaul launched in the wake of its takeover from Dutch group Akzo Nobel in 2008.
Crown’s latest accounts show operating profits of £2.8m in 2009 – a marked improvement on the hefty losses seen at the height of the financial crisis and housing market slump, which left it £11.4m in the red for the final three months of 2008.
The Lancashire-based group said it remained in the black throughout the first half of 2010, with “significant” profit growth after trading exceeded its own forecasts.
Crown said it was on course for further profit progress, despite cost pressures facing the sector.
Chief executive Brian Davidson said Crown was benefiting from self-help measures put in place after the takeover in September, 2008.
Crown Paints, with a 15% share of the UK retail and trade market, has reshaped the business, strengthened the management team and slashed costs to get back on track.