PG Paper Enjoys Bumper Year
Above: The PG Paper team at its Custom House base in Greenock
Global export company PG Paper has a bumper year with turnover up to over £35 million. Profits at the firm, owned by Kilmacolm couple Poonam and Puneet Gupta, also increased by £37,000 to £1.17m.
In the company's latest set of annual accounts for the year up to March 31, turnover grew by £315,000 to £36.2m.
Profit before tax and deductions shot up by £1.6m to £3.5m compared with 2017, but much of that was lost because of changing currency rates.
The company specialises in buying and selling different varieties of paper to clients around the world with the vast majority of the firm's business done outside of the UK and Europe.
Poonam Gupta, PG Paper's Chief Executive, said:
"The directors are pleased to report continuing profitability amongst some challenging trading conditions.
"Margins increased on historic levels due in part to high paper prices although much of the gain was offset by losses due to currency fluctuations."
Mrs Gupta, who was awarded an OBE by the Queen in 2017, warned that there are a number of issues causing concern, but said the firm is well-equipped to deal with them.
"The principal risks facing the business are external factors such as raw material price increases, exchange rate fluctuations and political and economic risks in some of our emerging markets.
"The company aims to mitigate such risks with key strategies including market and product diversity."
Above: Poonam Gupta OBE, Chief Executive of PG Paper
Poonam founded the company from the kitchen table in 2003 and PG Paper now trades in more than 50 countries across five continents, running the business with her husband Puneet, who is the chief operating officer.
According to the financials, an additional four members of staff were hired during the year, taking the total number of employees to 23. The business is based at Riverside Inverclyde's historic Custom House building in Greenock.
Last year, the firm secured a £10m funding package from Santander to aid growth plans. The owners are aiming to double the size of the company over the next two years and take on as many as 20 extra staff.
This article appeared in the Greenock Telegraph on 1 January 2019. Images courtesy of PG Paper.
Published: 2 January 2019