Oliver targets sales of £100m after record year
OLIVER Valves, the family-owned oil and gas valve manufacturer is hoping to grow sales to around £100m in the next 18 months after posting sparkling figures for the year to the end of September.
The multiple award-winning company founded by inventor Michael Oliver in 1979, said turnover had soared 56% to £65.5m. Sales have been driven by strong demand in international markets for its high-performance products.
As well as surging sales, operating profits rocketed 135% from £8m to £18.8m as the company’s three divisions, Oliver Valves, Oliver Valvetek and Oliver Twinsafe, saw sustained growth in exports to key markets including the Americas, Middle East and Far East.
The Knutsford-based group said its strategy of developing a local presence in international markets had been a factor in its success and had allowed it to to take advantage of increased momentum in the global oil and gas supply chain.
The results include the completion of the two biggest projects in the company’s history – a £7.2m order from a Brazilian energy firm and a £12.6m project to supply valves to three new platforms off the coast of Qatar – which were secured in 2011.
Chairman Michael Oliver said: “Our focus on innovation, customer service
and product development has enabled the Oliver companies to develop a strong reputation as a reliable, premium brand in the global oil and gas industry.
“The US, Middle East, South America and the Far East remain key strategic markets for us and by investing in our on-the-ground presence in these and other emerging territories we are well positioned for further success.”
Other highlights of the year included an OBE for Mr Oliver, a Queen’s Award for Enterprise for Oliver Valvetek and a North West Business Masters award from TheBusinessDesk.com.
In February the business invested in a new 47,000 sq ft manufacturing facility at its base in Knutsford and it recently announced the launch of a recruitment drive to appoint 20 new engineers and sales staff.
