Industrial safety products manufacturer Draeger Safety UK Limited has increased revenue to £97.8m despite what it calls uncertain conditions around the world.
The Blyth-based firm, which operates under German parent Dräger, raised turnover from £93.9m to £97.8m in the year ended December 31, 2014.
Profits at the firm fell from £11.6m to £9.9m during the period, as Draeger pointed to a one-off £1.2m cost attached to rectifying a product fault.
Nobody from Draeger, which employs around 450 staff in the UK, was available to explain in more detail what the product fault had been.
The firm is known for its compressed air breathing equipment and gas detection systems, which is sold around the world to industrial customers with operations in hazardous environments. Its technology is used by those working everywhere from car factories to oil rigs, and the firm.
On the back of a multi-million pound investment in its premises and machinery in 2013, Draeger said it wanted to reach markets such as law enforcement, oil and gas and petrochemicals.
In a report on the business environment accompanying the accounts, director Michael Norris said: “Trading conditions in UK and worldwide have remained uncertain and the group continues to maintain the Draeger brand’s well-established 125 year history and reputation for quality and technical excellence while developing innovative solutions focused on customer needs.
“During 2014, the diverse Draeger product portfolio and customer base has enabled the company to maintain and develop its position in the market. Compressed air breathing equipment product continues to be strong especially in the fire and Rescue service market; continued investment in the oil and gas sector as well as other growth industries has delivered continued revenue growth in UK and global markets. Draeger Safety UK Ltd continues to plan and react to differing market trends.”
He added: “The global economic climate remains extremely uncertain and the effects of government austerity measures in many countries are continuing to act as a drag on markets in the developed world.
“Volatility in the oil price is also impacting the oil and gas industry in the North Sea. We continue to monitor trends in the UK and global markets, and to adapt the organisations in order to meet our future targets.”
The business reported an interim dividend of 82p for the year, up from 79p in 2013.