Airea provides jobs boost for Yorkshire with £5m investment in manufacturing base

He said the investment would be a positive move for the local economy at a time when 90 per cent of the company's staff in Ossett live within five miles of the factory.

Currently, around 85 staff are based on site in Ossett and once the investment is completed next year it’s anticipated another 10 jobs will have been created, including sales positions.

Group revenue increased by 14.1 per cent to £21.1m in 2023, while operating profit before valuation gain rose by 9.2 per cent to £1.8m.

Airea said the successful launch of two carbon-neutral products had helped to drive sales growth last year.

Mr Payne said: "Airea made excellent progress in 2023 and has maintained a high standard of service to our customers.

He added: "The growth was driven by an increase in demand for our more sustainable product ranges, with limited cost increases as raw material inflation eased through the second half of the year. We have firmly re-established our presence within the UK and ROI (Republic of Ireland), outperforming the market.

"This has given the group confidence to achieve greater growth scalability in the wider European and other key international markets.

He added: "We more closely aligned our key products to the group's 10 market sectors throughout 2023, resulting in an increased rate of sales growth. We continue to work closely with our customers to meet their needs and provide a market-leading service.

"With the launch of the group's eco2matters sustainability principles in December 2022 defining the scope of the direction for 2023, this accelerated the launch of two carbon-neutral products and refreshing two low-carbon products in the year.

"This is a significant step change in the business, and we intend to continue to invest for future sales growth, incorporating the eco2matters principles and the journey towards net zero. We continue to transform the business with a more focused growth strategy centred on sustainability.

"The £5m investment in the manufacturing facility will enable the group to increase production and capitalise on efficiencies, whilst bringing new, exciting, and more innovative products to the market.

“We are optimistic about these opportunities as we continue to build a strong platform for growth and delivering increased value to Airea shareholders.

"Despite the current challenging economic conditions, we are pleased to report the group has experienced a good start to the year.

"Demand remains high for our carbon-neutral and low-carbon products, and we are confident of continuing to outperform the market through 2024."