North East engineering firm, British Engines, has announced a 12% increase in turnover for the year ended May 2, 2014.
During the period, the group also increased capital expenditure by 20%, created over 100 new jobs and spent more than £2.4m on research and development.
British Engines has six North East-based businesses, all of which design and manufacture technology for industries including oil and gas, chemical, marine, construction and agriculture.
The group’s latest results showed it grew turnover to £156.3m while adding £4m to its pre-tax profits, allowing it to invest more heavily in the business.
During the year, British Engines moved its Rotary Power business to a new factory in South Shields, expanded its CMP Products business into a second factory in Cramlington, grew its warehouse space in Swalwell for Stadium Packing Services and relocated its head office core services team to Quorum Business Park in Newcastle.
The changes have meant it has been able to invest in redeveloping its St. Peter’s site on Newcastle Quayside, where BEL Valves is now the sole occupier. A further investment is expected later this year.
British Engines also revealed in July that it will increase the size of its apprenticeship intake by 50% as part of on-going growth plans.
The engineering group has recruited more than 30 apprentices to add to its existing group of 53.
All will to undertake the company’s in-house Apprenticeship+ scheme, alongside a more traditional apprenticeship programme.
Alex Lamb, chairman of British Engines, said: “The business was founded more than 90 years ago on the same site BEL Valves occupies today; the North East is, and always will be, our home and for this reason we maintain a commitment to not only growing our businesses, but also investing wisely within the region.
“Our commitment to local employment, and in particular apprentices and graduates, means that we retain and nurture the very best engineering talent here in the region. More than 800 local people have undertaken the British Engines Apprenticeship Scheme.
“Developing this in-house programme to be one of the best engineering schemes out there is a key part of our strategy.”
British Engines was founded in Newcastle in 1922, building on the region’s rich engineering heritage and local skills base.
The group’s six businesses - BEL Valves, CMP Products, Rotary Power, Stephenson Gobin, Stadium Packing and BEL Engineering - design, develop and manufacture products that are used across the globe. Its offices and factories in Newcastle, Longbenton, South Shields, Cramlington, Gateshead and Bishop Auckland are complemented by a network of offices in key locations around the world.
Additional overseas sites, in locations including South Africa and Brazil, will be opened later this year.