Anti-counterfeiting company OpSec saw sales top £50m last year after benefiting from a series of buyouts.
The Washington-based firm, which operates in the UK, US, Germany, Hong Kong and the Dominican Republic, reported a turnover lift of 35% for the year ended March 31, a busy 12-months during which they acquired two new firms – Delta Labelling and holographics business JDSUH.
Counting around 40 governments and 100 firms making passports, bank notes, concert tickets and national ID cards as its clients, the firm acquired Delta Labelling, an established supplier of brand protection labels based in the UK and Hong Kong, in April 2012, financed by a placing of 17.3m shares.
The JDSUH acquisition, meanwhile, was completed last October for an initial consideration of $11.5m (£7.55m).
The company said 21% of its £51.7m turnover – £10.9m – can be attributed to its new acquisitions.
However, overheads increased by 32% due to the impact of the acquisitions, and despite seeing its operating losses widen from ï¿½600,000 to ï¿½2.5m, the adjusted profits – taking in the effects of the buyouts – rose to £3.7m from £2.3m.
The report accompanying the preliminary results for the year said: “A programme to strengthen the sales and marketing activities of the group was initiated a year ago and has led to an increase in the number of leads and new contract opportunities.
Further investments relating to the integration of the recent acquisitions and enhancements to the group’s production and technology base continue to be undertaken.”
Over the course of the year, the integration of the new businesses swelled staff numbers by 30%, from 332 at the beginning of the year to 431.
Looking forward, the company expects to flourish in light of the new additions.
Chairman David Mahony said: “The year to March 31 2013 was an active year for the group and its management team.
The board believes that the recent acquisitions and the continued internal investments have positioned the company for a period of sustained growth and profitability.”