From Hull Live | Tuesday 2 October 2018
Turnover has passed the £260m mark at Ideal Boilers, but a drop in the pound has affected margins at the historic Hull company.
The business, which was founded back in 1906, said a strong year for boiler sales in 2017 had boosted revenue, but profits slid back by three per cent.
A statement from Ideal Boilers said: “Turnover for the year was £260.5m, a 2.6 per cent increase compared to the prior year.
“The increase is the result of good sales across core products, expansion of sales and extended ranges and sales into export markets.
“The decline in operating margin was attributable to the impact of the depreciation in the value of Sterling, resulting in increased costs of raw material."
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