Sales at Crown Paints were up by almost £10m last year as the manufacturer flourished in a competitive market.
The business, which operates a factory in Hull, hit revenues of £173.4m in 2018, as its profits before tax also soared from £9.9m to £11.4m.
Directors did however warn of the ever-competitive paint sector, and said Crown Paints could continue to “invest heavily in manufacturing” in order to keep its place in the marketplace.
They said: “Both the retail and trade paint markets in the UK remain highly competitive trading environments.
“Business performance during the year has again been mixed, with higher raw material costs leading to the need to increase prices, delivering an overall increase in revenue of five per cent.
“The company has continued to grow business secured in the prior year, as well as ensuring the trade sector grows despite the consolidation in the trade market.”
Crown Paints dates back to 1777, and has its head offices in Darwen, Lancashire.
The company, which is one of the best-known names in the paint industry, also operates a factory in Hull in Sculcoates Lane.
Last month, GMB union staff at Crown Paints in Hull staged a protest after pay talks with the company reportedly broke down.
Crown Paints confirmed it had offered a 2.2 per cent rise to staff, but despite being accepted by fellow union Unite, GMB was holding out for a three per cent increase.
The company said it was “disappointed” by the move, and stood firm by its “fair and reasonable” pay rise offer.
Crown Paints recently released its financial results for the year ending December 31, 2018.
It revealed revenues were up from £164.6m to £173.4m, offset by a near-£9m rise in costs.
Directors at the firm said heavy investment would continue to be made in Crown Paints in the coming year.
They said: “The company will continue to invest heavily in the brand and in delivering a continued improvement in service levels, product choice and quality.
“It will also continue to invest heavily in manufacturing and supply chain…
“The company is expecting modest market growth in 2019, but the directors believe that uncertainties in the retail landscape, together with increased competition and raw material costs, will lead to another challenging year.”
Crown Paints employs almost 1,000 people across its UK operations.
The company said it was monitoring the current situation surrounding Brexit, and the possible impact it could gave on the business.
