Ikea franchisee has win with Jason
Ikea franchisee Alan Tribe's privately owned Jason Windows business has defied WA's slowing economy to post another healthy profit on a big jump in revenue.
Welshpool-based Jason, spun off from the maker of the Jason recliner rocker 20 years ago, employs more than 300 people in the manufacture and distribution of aluminium doors and windows for the State's building industry.
Newly released filings with the Australian Securities and Investments Commission show the group lifted net profit 67 per cent in the 2013-14 to $8.7 million. Revenue was up 26 per cent to $90.1 million.
The results disclosed the payment of a fully franked $5.2 million dividend in October 2013 but there was no accompanying commentary and Jason management did not respond to enquiries.
Net assets were put at $19.8 million, including $9 million cash, with almost no debt.
Mr Tribe, who owns 54 per cent of Jason in partnership with fellow foundation investor Ron Dwyer and Jason managing director Brendan O'Reilly, is better known for his ownership of lucrative Ikea franchises in Perth and Adelaide.
However, Jason has also proved a canny investment. He and Mr Dwyer are believed to have bought Jason Windows out of its troubled parent, Jason Industries, in 1994 for as little as $3 million when the business was turning over about $20 million.
Mr Dwyer was running the business at the time and became its first managing director.
Jason Industries had closed its recliner rocker factory in Welshpool a year earlier.
