Tong Engineering posts £14.3 million turnover
Posted on 23 Sep 2019 and read 1199 times
Lincolnshire-based Tong Engineering, which manufactures agricultural machinery and has been in business for more than 85 years, has posted a turnover of £14.3 million for the year to 31 January 2019, up from £13.8 million; its pre-tax profits also increased, from £528,145 to £628,917.
The headquarters of the family business (www.tongengineering.com
) are in Spilsby; it also has a site in Wainfleet, but it will consolidate all its activities on its seven-acre site in Spilsby when a new production facility there is completed. The company launched a new US spares, service and sales facility in August 2018.
A statement signed off by the board said: “Continued export development and new product lines have successfully spread the company’s risk of being exposed to unfavourable movement in the UK farming industry.
"Overall, the directors are satisfied with the company’s performance in 2018-19 and believe that the company will consolidate its position during the subsequent financial year.”