Saturday, May 30, 2020

Rotherham firm reports profits up by more than 17%

Rotherham-based AESSEAL has posted currency-adjusted profits up 17.4% on the back of increasing turnover by £10m during 2018.

The company designs and makes mechanical seals and seal support systems for a wide range of global industries including oil and gas, food, water, mining and pharmaceuticals.

Group turnover rose 6.3% from £170.6m to £181.3m in the year to December 31st, 2018, with organic sales growth of 8 per cent when adjusted for acquisitions and currency fluctuations. Earnings before interest, tax, depreciation and amortisation  increased 15.7% to £34.7m.

The strong financial results complete a bumper year for AESSEAL, which won a number of significant business awards in 2018, including the Made in Sheffield Apprenticeship/ Training Scheme of the Year, the International Trade Award at the Yorkshire Business Masters, 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.

Founder and MD Chris Rea OBE 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.”

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