Below is the A. C. W. Limited Report and Balance Sheet for Year ended 31st January 1970.

In the face of the destructive fire in April 1969, the company overcame immense challenges, with the resilient workforce ensuring minimal disruption to operations. At the time of the statement, ACW was in the process of constructing a state-of-the-art factory and storage facility in Aberdeen, which they expected to be complete by November 1970, promising improved efficiency. Progress had been made in settling insurance claims, and ACW’s subsidiary in Glasgow significantly contributed to the group’s profits despite supply chain disruptions. Indeed, despite manufacturing difficulties at ACW, their own profits surged to a new high, which enabled them to declare a 9% final dividend. The future looked bright.

The chairman’s statement

The year under review was an exacting one because the fire which occurred in April, 1969, destroyed so much of our manufacturing capacity and had such repercussions throughout our organisation that it required super-human efforts by everyone concerned to ensure that our valuable connections were not lost, and we have achieved our aims in this respect. At the present moment we are engaged on the building of a new factory and storage area on our own ground in Hutcheon Street, Aberdeen which will be laid out in the most up-to-date fashion to provide economies and working. This should be finished by November, 1970. We should then have a brand new factory and equally modern plant.

Our claims against the Insurance Companies for Plant, Buildings and Stock have largely been agreed and a claim under the Loss of Profits Policy remains, but as the period of indemnity has not yet expired, this must remain in abeyance in the meantime.

Our subsidiary company Daniel Montgomery and Son Ltd., Glasgow, has had an eventful year increasing its profits and thus contributing significantly to the Group total. All Staff have worked very hard to combat the difficulties caused by the cessation of parts from the parent company caused by the fire and the Directors are mindful of the debt owed to them for their splendid efforts.

Throughout the very difficult period after the fire, the unquestionable loyalty of our employees, was evidenced by the long hours of arduous working so cheerfully undertaken, and I take this opportunity of thanking them publicly for their immense efforts during these critical months.

Despite our difficult manufacturing conditions, our profits have risen to a new high level and we are paying a final dividend of 9% making the total the same as last year.

The prospect for our company is good which enables us to face the future with confidence.

JOHN SCOTT,
Chairman and Managing Director

View Fullscreen