A major Angus employer which is part of the global Interplex Holdings group has posted a significant jump in sales and profits.
New accounts lodged at Companies House show precision components manufacturer Interplex PMP Ltd produced a pre-tax profit of £1,092,493 in the 15 months to June 30 2015.
Revenues in the extended accounting period topped £20.13 million and gross profit came in at £4.75m.
In the previous 12-month accounting period to March 31 2014, the firm generated pre-tax profits of £289,155 from sales of £11m.
Gross profit for the year was £2.86m.
In her report to the accounts, group deputy chief executive and chief financial officer Sheila Ng Won Lein said the firm had made progress in the year.
“The directors are very pleased with the reported performance, which has exceeded budget expectations,” she said.
“Projects won in previous years continued to produce good revenue streams and a major new export customer was secured, making an immediate financial contribution and enabling us to meet our five-year business turnaround plan.”
Ms Ng said additional set up and support costs associated with bringing on new customers had squeezed margins from 26% to 23% but the additional net profit earned was “satisfactory”.
The Arbroath factory also received more than £950,000 of new investment in plant and machinery in the year in order to ensure the plant’s competitiveness was maintained.
“This included additional reel to reel electroplating capacity, which strengthens our position, we believe, as one of the few UK companies offering a full service stamping, plating and insert moulding capability,” Ms Ng said.
During the accounting period, Interplex PMP carried an average of 166 staff, an increase on the 131 it had in 2014.
PMP was founded in 1968 and is part of the Singapore-headquartered Interplex Group which operates in more than 40 countries and has 13,000 staff worldwide.