The weak performance of sterling on the international markets has contributed towards a major sales boost for seals producer AESSEAL, says the company.
The engineering business announced a 12.5% rise in sales last year, with organic sales growth of 6.75% after acquisitions and currency fluctuations are taken into account.
Group turnover for 2017 topped £170.6 million with net assets rising 14.2% to £103.5 million, reported founder and managing director Chris Rea.
“Despite a climate of continuing political and economic uncertainty, the AES group has delivered a strong result for 2017 and is confident of progressing positively this year and beyond,” he stated.
The weakness of the pound against other currencies contributed to the firm’s competitiveness – its products serve the oil and gas, food, water, mining and pharmaceuticals worldwide.
Our development will focus on emerging technologies and connecting the group’s consultancy and reliability business digitally to its physical product range
Chris Rea, founder and MD, AESSEAL
However, Rea added that the success reflected the company’s ability to respond quickly to changing demand and the onset of Industry 4.0.
“The investment in 2017 is not only to service increased demand but also to support the group’s stride to take advantage of digitalisation and the Internet of Things,” he explained.
“After 30 years of continued product development we believe we are in a very strong position… Going forward our development will focus on emerging technologies and connecting the group’s consultancy and reliability business digitally to its physical product range in order to offer the best possible service to customers.”
Rea (seen above receiving his recent BPMA Lifetime Achievement award) also cited the firm’s location in Rotherham, South Yorkshire as a key factor in ensuring access to skilled workers, thanks to the region’s steel industry heritage.