HEW Balfour, head of listed shop-fiitting heavyweight Havelock Europa, said his experience of the last recession suggested his firm would continue to grow despite facing economic conditions likely to be the worst in the company's history.
Balfour said he was not "despondent", claiming that he was one of a handful of chief executives in Britain that had run the same business since the last recession in the early 1990s.
Havelock, which is based in Dalgety Bay and specialises in fitti
ng out shops, banks and classrooms, reported continued growth in revenues in the quarter to 17 November in an interim management statement to the London Stock Exchange yesterday.
Balfour told The Scotsman: "I took particular care in the last 15 years to structure a business that would operate more comfortably in tighter conditions than it did last time.
"In totality this will be worse – not for Havelock, it lost a lot of money in the last recession. I do not expect to lose money. I expect us to come through this pretty well."
Havelock also does "point of sale" posters and signage through its Letchworth and Bristol-based Showcard Print division.
According to the group, turnover is up 16 per cent to £108.6m in the ten months to November. Revenues in the most recent quarter were more than half that at £54.9m.
Balfour said the print division performed most strongly, enjoying a "record year to date" on the back of restructuring and investment.
He also said the company's education division had a £40m order book in 2009 and performed well this year on the back of continued government investment in schools.
Balfour believes the varied nature of the company's income means it will perform better through a downturn than its peers.
"Although my strategy may have appeared to be conservative over the last two or three years and we have not grown as fast as some others, in this case the tortoise might beat the hare," said Balfour.
"Some of those businesses are finding life tougher than we are. They haven't got the spread of activities we have.
"The spread of business won't prevent the worst effects of a prolonged recession but we believe they will do better than others."
Havelock Europa's share price closed 7.4 per cent up at 36.5p. Nevertheless the shares have fallen from a one-year high of 120p. Clearly disappointed with the group's share price, Balfour said its continual lows made it look as if "the world is about to end" but this was misleading.
"My message is, as far as Havelock is concerned, the world is not about to end."
