Swift Group plunged £7.3m into the red last year thanks largely to the lockdown, but says it is upbeat about future prospects with the rise in staycations.

Pre-tax losses before exceptional cost for the year to the end of August 2020 were £7.3m, compared with a profit of £9.6m the year before.

Once exceptional items, including the £793,000 it has spent closing down its Mexborough site, are taken into account, pre-tax losses rose to £11.6m.

The company was forced to cease production for the last half of the financial year, and to take £9.5m from the Government’s furlough scheme.

But it says this shutdown may have been a benefit in that it rebalanced “the supply and demand dynamic”. It adds that its order book is as strong as ever, and it thinks the unprecedented low volume of stock in the market and growth in interest in caravanning due to the lockdown could lead to a “significant improvement in prospects”.

As of 31 August 2020 the company had £27.2m in assets, down from £37.4m the year before, and £5.4m in cash.