Northumberland-based
Tharsus Group, the parent company of machines and robotics firm Tharsus and metal-fabrication company
Universal Wolf, has published details of its annual results for the latest financial year to 30 November 2020 (FY20).
These show that despite the significant impact of the Covid-19 pandemic on the broader UK economy, the Group achieved strong growth throughout 2020, with revenue increased by 40% from £58 million to £81 million and pre-tax profits increased from £2.4 million to £4.5 million.
The Group’s expansion over the last 12 months has been underpinned by a number of key customer wins and product innovations, including an extension of the existing seven-year partnership with Ocado Group to manufacture technology for its ‘automated grocery fulfilment platform’.
Tharsus Group’s performance has been complemented by new partnerships with international industry leaders such as BMW, ‘showing confidence in the UK’s domestic manufacturing sector despite concerns around the impact of Brexit on UK productivity’.
Similarly, growth at Universal Wolf has been driven by a combination of new innovations and an increasing pool of partners. This included an expanded partnership with Lontra, which is taking its innovative Blade Compressor technology from design stage to volume manufacture.
Tharsus Group finished the year with the appointment of Martin McCourt, the former CEO of Dyson, to its leadership team. With more than 40 years’ experience in British manufacturing, Mr McCourt’s addition as a non-executive director is “testament to the Group’s potential to scale and fully establish itself as a global industry leader”.
Moreover, Tharsus Group’s progress over the last year has contributed to economic growth in Northumberland and the broader North East region. The additional revenue generated through FY20 has helped to secure 84 additional jobs at the Group across the UK.
Brian Palmer, Tharsus Group’s CEO, said: “The last year has been incredibly difficult for businesses across the world and our sector has been no different. While we are grateful for the opportunities presented to us, such significant growth is testament to the ability of the Tharsus Group team to deliver.
“Between finding new industry leaders to partner with and using robotics to develop solutions to the most pressing problems facing the world, we have been forced to adapt fast.”