The owners of major North East defence manufacturer William Cook have hailed the County Durham firm’ s performance despite the group as a whole falling into the red.
A sterling performance in 2013 in which William Cook Holdings made profits of £10m on £80m turnover could not prepare the group for the industry’s collapse a year later.
In accounts filed for for the year ending July 2017, company chairman Sir Andrew Cook said the business has continued to feel the effects of what he describes as the greatest “market collapse” he had ever experienced, but that the firm is now bouncing back.
William Cook Holdings Limited made an operating loss of £3.7m for the year ending July 2017, down from last year’s operating profit of £3.4m, after its turnover fell by £10m to £41.1m, but Sir Andrew praised the work carried out by the group’s County Durham defence business.
Sir Andrew said that despite the market collapse, the group’s two North East arms - Cook Defence Systems and William Cook Stanhope - had largely remained profitable over the years.