The Co Down company behind the Denman hairbrush has announced it has held back on major investment. The decision it said to be due to Brexit as the company reported a slight drop in revenues to £16.4m.
According to the Belfast Telegraph, John Rainey, Denroy Group chairman, said that while pre-tax profits increased marginally to £356,249 for the year to December 31, 2018, sales were below expected levels.
Photo via Belfast Telegraph
John Rainey, Denroy Group chairman
John Rainey, Denroy Group Chairman
In his chairman's message with the company's accounts, Rainey said: "The group are generally confident about the economic outlook over the next 12 months, however the risk of a 'no-deal' Brexit remains high and it is unclear how significantly this will affect the UK economy.”
"Confidence continues to be affected and the group has extended the scheduled start date of a major capital investment until clarity emerges."
The group had ceased distribution of several third-party brands during the year, inevitably impacting overall revenues.