Skelmersdale-based Flowtech Fluidpower (www.flowtechfluidpower.com), a specialist supplier of technical fluid-power products, has seen its profits increase from £6.14 million to £6.61 million.

Chairman Malcolm Diamond said: “Our 2017 result re-affirms the board’s confidence in our strategy, as we continue to
expand and develop our capabilities both within the UK and internationally.

“Despite a challenging outlook for the UK in 2017, the fluid-power market experienced a significant turnround after two years of soft trading, presenting a period of opportunity.

“The group achieved 46% growth in its total revenues to £78.3 million, 8% of which came from organic growth, 38% from acquisitions.

“This year, there was a major refurbishment and redesign at the Skelmersdale site, expanding capacity and streamlining the logistics operation, which will provide considerable scope for the profitable integration of future acquisitions.

“The benefits of our strategy are apparent in the financial performance of the group, with six new companies acquired during the year, supported by a successful capital raising in March 2017.

“This acquisition activity has strengtHened our position with important pan-European and global branded suppliers, enhanced our technical strength, and reinforced our position in our current core geographies of UK, Ireland, and Benelux.

“In addition to expanding our process division, we have significantly expanded our power motion control operations, offering additional design, build and component supply in new market sectors, including mobile, rail and aerospace.”