International growth boosts firm
City Refrigeration (Holdings) has posted a 15 per cent rise in turnover to s303.9 million.
The Glasgow facilities management and construction firm - owned by former Celtic director Willie Haughey and his family - saw pre-tax profits increase from s3.27 million to s5.165 million during 2010.
Revenue from the core facilities management and cleaning division jumped by almost s50 million to s228.2 million due to new contracts and expanded remits from customers in the UK and Australia.
In notes to accounts filed at Companies House the directors said: "Operating margins were higher than the previous year reflecting the benefit of the high level of investment in the establishment of new services and customers made in 2009.
"The prospects for 2011 remain strong with further growth anticipated across both facilities management and cleaning operations."
The project services arm, which includes construction and installation of refrigeration equipment, dropped from s81.1 million to s71.6 million due to "difficult" market conditions.
Turnover from equipment hire fell slightly to s4.1 million.
Colin Steggie, managing director, expects a return to turnover growth in project services during 2011 and continuing success in the facilities management sector.
He added: "We are very pleased with the performance of the business. It was a successful year in 2010 as seen by the growth in turnover and profits."
The directors also approved a dividend of £11.7 million the bulk of which will go to Willie Haughey and his wife Susan.
Steggie said: "In recent years there has been little or nil dividend payment so that is why there is a larger payment this year."
Total director rewards including pensions fell from s603,000 to s590,000.
The highest paid director saw their total salary package decline by s19,000 to s176,000.
The company employed an average of 9,766 full time equivalent employees in the year which was an increase of 184 on the previous year.
Charitable donations more than quadrupled during 2010 to s1.3 million.
In November last year Haughey threw a 25th birthday party for the business which featured X-Factor winner Alexandra Burke performing her hits.
City's clients include Asda, House of Fraser, Ladbrokes and Waterstones.