AIREA announces £5m investment in manufacturing facility in Ossett, West Yorkshire

The statement said: “The investment will be funded from a combination of current cash reserves, utilisation of existing banking facilities and supported by the group’s continued cash-generative operating activities.

"The focus of the investment will be on the manufacturing facility and will substantially increase capacity and include the automation of certain processes using the latest cutting-edge Artificial Intelligence imagery and inspection technology.

"The benefits of the investment will help to increase production and improve operational efficiencies. This new facility will also improve the group’s sustainability credentials by utilising energy more efficiently, increasing volume throughput to meet customer demand and future requirements.”

Martin Toogood, Independent Non-Executive Chairman of AIREA plc, commented: “The group is pleased to report positive momentum has continued both financially and operationally in the year ended 31 December 2023.

“The investment in our existing manufacturing facility is pivotal in providing additional capacity and will enable us to evolve our existing processes providing a strong platform for growth.

"Delivering growth through this investment is a fundamental part of our ongoing strategy and enabling us to capitalise on future market opportunities.”

Médéric Payne, Chief Executive Officer of AIREA plc, commented: “The investment in the manufacturing facility will be transformational for the business, providing more modern manufacturing standards for the next decade, and beyond.

"It will enable the group to operate more efficiently, act more sustainably and increase production volumes to satisfy the expansion in customer orders and their broader requirements.”

In a trading update, the company said the strong sales growth observed in the first half of 2023 continued throughout the full year.

The statement added: “In addition, the group has seen continued interest in low carbon products and the launch of two carbon neutral products being well received. As a result, sales finished the year low double-digit percentage ahead of the prior year.”