DIRECTORS taking a massive pay cut were responsible for the doubling of profits at Clarke Energy Holdings. The group, which is based at Knowsley Industrial Park, includes firms Clarke Energy and Clarke Telecom.
It supplies gas engines for the energy market and provides infrastructure services to the mobile telephone networks.
Pre-tax profits increased by £2.74m to £5.35m in the year to October 2009 while turnover remained flat at £150.1m.
The group’s directors accepted a £2.72m drop in pay, to £1.89m, with the highest earner dropping by 57% to £670,000.
The dividend remained unchanged at £973,000.
Jim Clarke, chairman of Clarke Energy Holdings, said: “2009 was a landmark year for the group where we dealt successfully with the problem created by the global financial crisis in all nine countries of operation, restructured and enhanced the main board and agreed the buy-back of 3i’s investment after 10 years.
“The global financial crisis hit the business badly in the first part of the year where despite the best efforts of our management team worldwide we concluded almost no capital equipment sales for five months early in the year.
“Our healthy order book from last year and the momentum created by our efforts in the first six months did however produce an incredible second half to the year resulting in one of the best year ends in our history.”
The group is expecting this momentum to continue, forecasting a 20% increase in turnover to £180m.
Mr Clarke added: “Our plans to build one of the strongest private UK based companies continues on track despite the worldwide recession.”