Laxey Glen Mills is close to getting back into profit after many years in the red.

Latest accounts for the last financial year, to be laid before this week’s Tynwald sitting, show that the deficit was reduced from £41,290 in 2017 to just £8,401 in 2018.

This was partly due to a slight increase in the value to sales to £894,968, up from £879,069 the previous year.

Changes to personnel, including the appointment of Jason Duke as mill manager, and the Creamery’s Findlay MacLeod taking a seat on the board, have contributed to the mill’s improving performance.

As a result, there has been a slowdown in the reduction in overall sales, while new customers have replaced the ongoing decline in traditional sales.

’While there is still much to do, the board believes that this strategy represents the best way of reversing the negative sales trend,’ said board chairman Colin Kniveton.

During the year, the board negotiated revised terms for a number of contracts, including the supply of wheat, flour sales and haulage services.

Mr Kniveton said the board has also agreed a new basis for the provision of the Treasury subvention. ’All these changes have, or will have, an impact on the business as we continue to strive to achieve a breakeven position,’ he said.

Flour sales include a subsidy totalling £41,000 from Treasury which is the ultimate beneficial owner and controlling party of the company.

The board has recently agreed to invest almost £100,000 in a new small bag packing line, which it believes will eradicate significant waste and enhance efficiency.

Laxey Glen Mills employs a workforce of eight.

In the accounts, the chairman paid tribute to the late Jim Duncan, founder of Ramsey Bakery, who died in June at the age of 69.

Mr Kniveton said: ’Jim was instrumental in creating a bakery with the capacity to supply significant quantities of bread and other bakery products, but was also an ardent supporter of local wheat production.’