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Company of Connect Yorkshire EIR Chris Rea and Yorkshire Business Masters 2018 award winner, AESSEAL, has seen turnover rise by more than £10m despite “political and economic turbulence”.

The Rotherham-based mechanical seal manufacturer said turnover had risen 6.3% to £181.3m in the year to31 December, 2018, up from £170.6m the year before.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 15.7% to £34.7m.

Group net assets rose to £122.8m, up 18.6% on 2017, and the group held a positive cash balance of £16.5m at year end, despite increasing capital expenditure – which included investment of £6.8m in additional axis machining capacity.

The Rotherham-based company designs and manufactures mechanical seals and seal support systems for a wide range of industries including oil and gas, food, mining and pharmaceuticals.

It hailed its “bumper year” after awards wins in 2018, including the International Trade Award at the TheBusinessDesk.com’s Yorkshire Business Masters, the Made in Sheffield Apprenticeship/ Training Scheme of the Year, the Princess Royal Training Award in recognition of its training and development programme and was named Engineering Ambassador of the Year at the British Engineering Excellence Awards.

Apprentices Amber Nicholson, Nathan Wall and Ryan Morris won Apprentice of the Year awards in their respective regions, whilst managing director Chris Rea was presented with a lifetime achievement award for his outstanding contribution to the pump industry at the Pump Industry Awards.

Chris Rea OBE said: “Although 2018 was a year of political and economic turbulence, we are proud that the AES group has delivered another set of strong results.

“Hard work and a continued focus on the quality of our product and service has ensured that, despite market uncertainty, new and existing customers have continued to put their trust in us and our products.

“We look forward to 2019’s results with great deal of optimism.”

 

Article via thebusinessdesk.com