Sunderland manufacturer Haskel Europe grew profits by over 50%, from £4.1m to £6.3m, in the year ended November 30, 2012.
The company’s annual report for the period also shows turnover swelled from £14.1m to £16.1m, while income from shares in group undertaking went from £785,363 to over £3.5m.
Haskel, which is headquartered in Sunderland and has offices at Aberdeen, France and Spain, likewise boosted sales by 14% and wrote off around £1.3m of investments, compared with £143,055 in 2011.
A directors’ report accompanying the results said: “The directors consider that the results for the financial year are satisfactory.
“Haskel Europe Ltd continues to strengthen its market position throughout Europe and continues to focus on growing areas such as Russia and Africa.
“The directors are confident that the company is structured and positioned in a manner that will enable it to meet the demands and business environment.
“They recognise that the diverse nature of it customers’ markets help offset any risk to one specific sector.”
Established in the North East in 1950, Haskel focuses on the manufacture and distribution of pneumatic, hydraulic and associated equipment.
The company, which now exports more than 55% of its systems worldwide, is recognised as a leader in high-pressure products, and is known for tackling the economic slump through introducing a lean manufacturing strategy, cutting waste across the business and prioritising more profitable contracts.
The latest results show the monthly average number of people employed by the company during the financial year was 62, compared with 58 the year before, with staff being taken on in sales and marketing, product development, and operations, manufacturing and customer service.
Staff costs went from around ï¿½2.1m to ï¿½2.3m, with the directors being paid a total of ï¿½123,000, compared to ï¿½114,924 in 2011
The report said: “The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent manufacturers, and suppliers, employee retention, and product availability.”
However, strategies were in place to handle these risks and new territories and markets were being explored.