Manufacturer AESSEAL boosted its turnover by £10m after posting an eight per cent rise in organic sales.
During 2018 the business grew earnings by 15.7 per cent to £34.7m and saw its turnover rise to £181.3m.
Group net assets rose to £122.8m, an increase of 18.6 per cent from 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 9 and 11 axis machining capacity.
The Rotherham-based company designs and manufactures mechanical seals and seal support systems for a wide range of global industries including oil and gas, food, water, mining and pharmaceuticals.
Founder and managing director Chris Rea 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.”
The financial results complete a year for AESSEAL, which saw it win a number of significant business awards in 2018, including the Made in Sheffield Apprenticeship/ Training Scheme of the Year, the Princess Royal Training Award in recognition of its outstanding training and development programme and was named Engineering Ambassador of the Year at the British Engineering Excellence Awards.