Pumped-up Oliver Valves sees sales and profits surge

CHESHIRE manufacturer Oliver Valves has reported a bumper year of sales and profit growth, driven by strong international demand.

The Knutsford-based group, which supplies valves to some of the world’s leading oil and gas companies, said it expects sales to hit £100m in the next 12 months. Its order book is a record £85m, up 38% on the same time last year.

In the year to the end of September 2013 sales grew 17% to £76.5m. Operating profit for 2013 was up 24% at £23.4m, compared with £18.8m in 2012.

Around 90% of Oliver Valves’ turnover comes from exports. All 18 of the company’s key geographic trading areas enjoyed growth in 2013, with Brazil now the family-owned firm’s number one market.

In the next 12 months, the company expects to increase its presence into more northern areas of the US, strengthen its position in parts of the Middle East and Far East and make inroads into the Indian market.

Michael Oliver, founder and chairman of Oliver Valves, said: “After another stellar performance, with sales up in all of our key markets, it is hugely satisfying to be sitting on the healthiest order book in the company’s history.

“We have maintained our laser focus on premium products, innovation and service, which sets us apart from competitors, and we continue to the fly the flag for quality UK manufacturing overseas.

“With a buoyant oil and gas sector and the company generating income from almost every major global energy market, we can look ahead to 2014 with real confidence.”

During the past year, Oliver Valves has invested £750,000 in a distribution centre,  £700,000 in a research and development facility and has also bought a 17-acre plot for future growth all in Knutsford.

Managing director David Cornwell added: “The investment in our main manufacturing site in Cheshire in the past year represents a significant statement of intent. We recognise that to stay ahead of the field we need to support innovation and work to ensure our products remain 100% reliant under extreme pressure.

“Our strategy for future growth will continue to involve building strong relationships on the ground in key markets, including boosting our sales force, alongside significant investment in research and development at our UK headquarters.”