Devonshire Industries Ltd held its ground in the past financial year, reporting a modest rise in profits even as operating expenses climbed.

For the year ended March 31, the Bermudian-listed paint manufacturer recorded net income of $320,830, up slightly from $317,726 a year earlier. Revenues increased to $2.95 million, compared with $2.83 million in 2024. Earnings per share edged up to 73 cents, from 72 cents the year before.

Devonshire, which trades on the Bermuda Stock Exchange, has no controlling shareholder and is primarily engaged in the manufacture and sale of paint and related products through its wholly owned subsidiary, Bermuda Paint Co Ltd.

The results showed that expenses also rose, with administrative and selling costs pushing total operating expenses to a little more than $1 million, compared with $926,000 last year. Even so, the company’s gross profit improved to $1.31 million.

Devonshire’s balance sheet remains strong, with total assets of $2.6 million and equity of $2.37 million, against only $241,000 in liabilities. Inventories grew to $1.37 million, while cash reserves fell to $520,000 from $639,000 a year earlier, reflecting dividend payments and new spending on equipment.

The company declared dividends of $220,688 during the year, after a larger payout of $441,375 in 2024. Retained earnings now stand at nearly $2 million.

In the previous fiscal year, Devonshire Industries had delivered a standout performance, with net income nearly doubling to $317,726 in 2024 from $166,537 the year before, helped by tighter cost controls and a modest rise in sales.

At the time, Bermuda Paint general manager Richard Moulder highlighted the impact of raw-material costs, which had climbed by as much as 25 per cent since the pandemic, forcing the company to raise prices by 35 per cent while streamlining operations to avoid layoffs.