Acquisitions giving Flowtech the edge
A raft of acquisitions has given West Lancashire-based technical fluid power products supplier Flowtech Fluidpower confidence it will meet its full year performance expectations.
Revenue climbed 24.8% to just above £34m for the half year to June 30, while operating profit increased 3% to nearly £3.4m.
The Skelmersdale company said it had benefited from five acquisitions in 2017 – 11 since it became listed in 2014.
It also pointed to good organic growth across all its divisions and increasing technical depth across a greater range of customers.
A group procurement strategy also began to deliver price and range benefits, it said.
Flowtech chief executive Sean Fennon said: “Flowtech remains confident in its ability to develop a technically based full service Fluid Power group in the UK and internationally.
“The Group is recognised as a specialist and resilient business operating in a fragmented market. The development of our multi-channel strategy creates multiple touch points within the market increasing our overall penetration.
“In addition to organic sales growth our approach will create further revenue generating opportunities through its investment in people and increased sales resource, the ongoing development of exclusive brand and OEM product offering, as well as through further earnings enhancing acquisitions.”
