Manufacturing group on track for record revenues and back on takeover trail
A Bury firm that specialises in the design, manufacture and distribution of measuring, counting and control devices, is on the lookout for new takeover targets and on the road to record revenues.
Trumeter Group designs and manufactures counters, timers and meters for a range of industries, such as the familiar yellow and black road wheels used by surveyors and architects.
The business made three acquisitions in the US between 2011 and 2016, and chairman, John Smith, said the company is now back on the takeover trail, seeking businesses which have complementary product ranges or can help accelerate its growth by providing access to new technology, distributors and markets.
Mr Smith said: “While we are seeing strong organic expansion, we are also seeking acquisitions in the UK, USA and other countries which can bring synergies to help accelerate our growth.
“These may be companies with an overlapping product range, or which give us access to new markets, technologies and distributors.”
He also revealed that Trumeter is gearing up for a major expansion of its operations in Bury, with a recruitment drive under way and plans to take additional space at its base in Pilot Mill later this year to accommodate the new staff and expand its product development, testing and laboratory activities.
The company saw revenues surge nearly 17% in 2022 to £10.4m from £8.9m. Underlying profits reached a record high of £1.9m, and the business is on track to top £12m in revenues for 2023.
Mr Smith said Trumeter is growing its market share amid a post-COVID revival in industrial markets, and is benefiting from the launch of innovative products and technologies alongside investing £1.5m in components and finished goods to ensure efficient customer lead times are maintained.
The group was founded in 1937 and was led for many years by the late Peter Weidenbaum, whose son Danny is now its finance director.
Its Bury site comprises its global headquarters and warehousing and distribution operations supporting customers and distributors across Europe, the Middle East and Africa. Manufacturing takes place in Penang, Malaysia, and Trumeter also operates from six locations in the US.
The company employs 180 people worldwide and is currently recruiting senior engineers to strengthen its Bury-based team in line with increasing demand and a focus on further product innovation.
Mr Smith said there is particularly strong demand for equipment used for infrastructure development and cable laying, electric vehicle charging systems and the deployment of sanitising products in locations such as hotels.
He added: “There has been a positive shift in industrial markets since the pandemic passed, and the business has rebounded strongly as a result.
“Over the last 18 months, we have also invested more than £1.5m in components and finished goods to maintain lead times for a growing customer base.
“As a company, we invest £1m a year in research and development. In the past year, we have added a number of innovative solutions to our product range, including advanced cloud functions and equipment that can fully integrate with the Internet of Things, putting real, usable data into the hands of our customers on their laptops, iPads, mobile phones and other devices.
“We are also in the midst of rolling out our Vista Touch product family, with high- definition screens for IoT-ready devices such as power meters, flow indicators and process meters, counters and timers.
“Our focus on fully understanding the needs of our customers and their challenges means we are constantly innovating, evolving and improving our products, and we will be announcing further launches in the coming months.”