BARR + WRAY, the luxury swimming pool specialist, has reported an 18 per cent fall in profits in its last financial year – in line with company forecasts, writes Scott Wright.

New accounts show the Glasgow-based firm, which has subsidiaries in the United Arab Emirates and Hong Kong, made a pre-tax profit of £1.06 million in the year to September 30, down from £1.3m the previous time. Profits fell as the business saw turnover fall to £11.6m from £14.8m in 2015.

Writing in the accounts, the directors say the results are “commendable”, adding that the health of its order book at year-end “provides an opportunity for further future growth.” The directors cite the downturn in the global economy as the biggest risk to the business, but say that risk is mitigated by its “healthy financial position”, order book strength and its “standing as a market leader”.