Grossman profits soar - ToyNews

Grossman profits soar

Grossman profits have risen by almost 2,300 per cent for the 2009 calendar year.
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Herald Scotland has reported that the firm posted pre-tax profits of £955,416 for 2009, compared with a £39,934 pre-tax profit in 2008.

The company's sales for the year almost doubled to £9.6 million during the year, compared with £5.1 million the previous year.

Hong Kong-based Grossman's five-year strategy shift has involved adding licensed products, including Ben 10, Hannah Montana and Transformers, to its portfolio.

Martin Grossman told The Herald: “We’ve changed our strategy and now supply UK retailers via our base in Hong Kong.

“We’ve done TV advertising. We have a lot of new products and, on top of this, the weak pound benefited us because it makes the goods of our foreign competitors too expensive in the UK, and more are coming to us.

“The one issue for us is the ever-increasing cost of shipping – but we’re still based in Glasgow, and I’m very proud of that. I also expect to do better this year than last.”

The company, which employs a staff of 40, also exports to retailers across Europe, the Middle East, Australia and South Africa.

The company’s accounts, which were obtained by The Herald from Companies House, reveal that the highest-paid director, assumed to be Mr Grossman, last year earned £128,580, compared with £121,650 the year before.

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