A "transformational" £15 million investment programme has put growth on hold for Naylor Industries.
The Barnsley-based building products manufacturer today reported turnover of £50.1 million for the financial year ending 28 February - just below the £51.3 million reported for the previous year.
It says the slight drop was due to it investing £14.8 million in the business, and said the year was a transitional one.
As part of the programme of investment, Naylor Industries built a £5 million big pipe factory, opened by the Duke of Kent last October, relocated two businesses to new sites at Barugh Green and Wombwell, and acquired precast concrete supplier White's.
The company also disposed of a non-core business - Hyde-based materials processor Naylor Polymers.
Chief Executive Edward Naylor (pictured) said: "Following a long sequence of years of record-breaking turnover, we recognised the need to increase capacity and initiated a transformational capital investment programme. Not surprisingly, this development work led to a pause in turnover growth in 2017-2018, although we managed to maintain sales at close to the previous year's levels."
Naylor Industries made an operating profit before exceptional items of £1.8 million, compared to the previous financial year's profit if £3.4 million.
Naylor said: "With our three-year capital investment programme concluded and a number of innovative new environmental products brought to market, we are excited about the short- and medium-term prospects of the business."
The company had made a slow start to the current financial year, due to the weather, but had seen an "encouraging" increase in sales and had "laid the foundations for a period of significant growth and increased profitability".