EDMONTON, Alta. — Canadian suspension manufacturer, Raydan Manufacturing, saw its revenues jump 74% and reported a profit in the 2007 fiscal year.
Annual revenue was $23.1 million with a net profit of $220,561 compared to revenues of $13.3 million and a net loss of $11,462 the previous fiscal year. The company says its manufactured products accounted for 54% of sales with parts and service contributing 46% of the companys revenue.
The company was strong in its home province of Alberta, growing operations there by 19%. Meanwhile its Ontario division accounted for 33% of the companys total annual revenue.
Raydan announced it plans to acquire a larger facility to integrate the two locations and it will commence chassis modification to increase revenue and improve profitability. Company officials say its too soon to evaluate the impact of a partnership reached last year with ArvinMeritor, however it expects to see improvements in international brand recognition and new business opportunities.
“Now that we have achieved a national presence we are experiencing tremendous growth opportunities like the GM ship-thru agreement,” said Ray English, president and CEO of Raydan. “We will be examining more of these opportunities in the year ahead and choosing the ones that fit our ultimate goal of growth and profitability.”
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