Martek Marine looking to turnover milestone

The Rotherham-based company, which is expecting to increase its turnover to 7m in the current financial year, said it aims to reach a 20m turnover with 20 per cent profit by 2012.

Chief executive Paul Luen said: "We are extremely optimistic about the future on the back of new product launches. Our turnover was hit in 2009 but we have been hit less hard than other parts of the industry and we still have a strong profit.

"We have worked out that we have achieved 95 per cent of the global market and we are very excited about the next year and beyond."

The company is currently investing some of its war chest in two six-figure development projects and has bought a new computer system to streamline its processes.

It also recently employed a sales director and managing director to take advantage of new opportunities in the market place.

Mr Luen added: "We have never had so much opportunity as a company."

Brazil and Russia are the key target areas for exporting its products, which include MariNOx, a nitrogen oxide, sulphur oxide and carbon dioxide emissions monitor. Mr Luen said: "Air pollution from shipping is under increasing scrutiny from the world media. The marine industry has to act fast if it is to catch up with other industries and to comply with increased emission-reduction regulations that will be implemented by the International Marine Organisation soon."

He added: "The big bonus for the marine industry is that MariNOx provides skippers with the data they require to optimise the efficiency of their engines and reduce fuel consumption. This will obviously reduce carbon dioxide emissions.

"For every tonne of fuel saved, a vessel's carbon dioxide emission is reduced by 3.4 tonnes."