Company of Connect Yorkshire EIR and Sheffield-based wire fastener manufacturer Gripple, has achieved stronger than expected financial results following continued investment in the business, despite the challenges of the pandemic.
The employee-owned company was established in 1989 and now employs more than 800 people across 15 global locations. It manufactures across four sites in Sheffield.
Recently filed accounts for Gripple Ltd show turnover of £83.7m was achieved in the year ending 31 December, compared to £84.4m in 2019.
Pre-tax profit was £4.28m, down from £5.66m the previous year.
Gripple continued to launch new products during the year, with Angel Global Track, Strut Clamp and Apex Anchor, along with encouraging growth in sales of Fast Trak, Concrete Inserts and Solar, contributing £13m in sales.
The company also benefitted from the acquisition of PMS Diecasting, which had been its zinc diecasting supplier for more than 18 years, in January 2020.
Paul Bentley, group finance director at Gripple, said: “The financial performance in 2020 and 2021 has been much stronger than anticipated and, despite all the challenges, 2021 will be Gripple’s most successful year ever.
“Due to our amazingly committed and hard-working employee owners Gripple has remained open throughout the pandemic, continued to invest for the future, while providing our high levels of customer service.
“Future plans for Gripple are to continue to build on our success by recognising and rewarding our employees, launching further innovative new products and investing significantly in new plant and facilities worldwide.”
Earlier this year, Gripple completed a £2m investment in an 18,000 sq ft building on Foley Street for the manufacture of its Fast Trak product.
The company has also undertaken an expansion of the headquarters of its US arm.