Bifold reports strong year of growth
BIFOLD Group, the Middleton-based manufacturer of hydraulic and pneumatic valves to industry and the oil and gas sector, has reported a surge in underlying profits and sales on the back of international growth and new product launches.
The company, which last April completed a third buyout in a decade as private equity firm LDC invested in a deal valuing the business at more than £80m, saw strongest sales growth in the EU during the year to September 2 2012.
Despite the economic crisis affecting many euro zone countries last year sales to customers in the EU more than doubled from £5.5m to £11.2m, overtaking the UK as the company’s largest market. Total group turnover was up 41%, from £25m to £35m.
Operating profits saw a strong uplift too, jumping 55% from £3.5m to £5.5m.
At the bottom line, losses rose from £131k to £3m due to an increase in interest payable from £3.7m to £8.5m.
During the year, staff numbers at the company, which as well as its base at Greenside Way has offices in Texas and Singapore, grew from 200 to 241.
By product category, control valves saw the biggest sales increase during the year up from £16.4m to £26.2m.
Looking ahead Bifold said: “Continuing investment in infrastructure, transactional systems, manufacturing equipment and research and development will enable the company to take full advantage of the improvement in market conditions.”
