Bradford-based
Thorite, a compressed air and fluid power specialist, achieved a record turnover of £20.9 million in 2022/23 — a 5.5% increase on the previous year. The results are the latest in a run of good news for the family-led firm.
It rounded off the financial year with its best-ever monthly performance, racking up sales totalling £2.2 million, and saw its Systems division, which delivers bespoke pneumatic and electric automation systems design, build and installation, grow by just under £500,000 in 2022/23.
Thorite’s growth has led to an expansion in the service engineer and sales teams, with a 20% increase in its workforce, as well as an increase in the number of apprenticeships it offers.
In the past year the company was named ‘Family Business of the Year’ in the
Yorkshire Business Masters Awards and placed runner-up in the
Institute of Customer Service’s prestigious UK Customer Satisfaction Awards for its work on customer focus. Thorite has now launched a ‘30 by 30’ campaign, with the target of achieving a turnover of £30 million by 2030.
Managing director Stephen Wright said: “We are delighted to have broken the £20 million barrier for turnover — it is a tribute to the hard work and dedication of colleagues at our 10 national sales and service centres. We place a huge focus on delivering unparalleled customer service and that has been rewarded. These results place us very much on target to hit our ‘30 by 30’ goal.”