Newport-based Industrial Automation and Control (IAC)(www.iac-ltd.co.uk) recorded a pre-tax profit of £495,000 in the 12 months to 31 March 2017 after making a loss of £167,000 in the previous financial year.

The company employs 65 people in South Wales and another 30 world-wide, producing and installing automation systems for industry.

Managing director Peter Lewis said that the company, established 30 years ago, is now in a good position to grow: “We made a loss in the last three years, mainly because we maintained the same workforce despite a reduced turnover.

“We have seen a significant increase in turnover, and we were able to cope with this upturn because we had retained the skilled workforce, who were mainly trained by us as apprentices.

“We are still busy and still taking on apprentices. Over 80% of our workforce came through the apprentice route, and we have found this to be an ideal grounding for the type of business we are in. You cannot expect to pick up skilled engineers with the correct work ethic in the street.

"If no-one else is training, then you have to do it yourself. An apprenticeship is virtually a four-year probation. At the end of that period, we know exactly what the individual is good at, and they know our business inside and out.

“We have been able to offer employment to all bar one of our apprentices over the past 30 years, and most of those are still here.

“IAC now has a good brand image, a strong balance sheet and an excellent reputation. We have a highly skilled workforce and the ability to overcome the challenges of a post-Brexit economy.”