Strong first year for Flowtech
NEWLY-listed industrial fluid distributor Flowtech Fluidpower has reported strong full-year results with a 15% rise in operating profits.
The Skelmersdale-based company which was listed on AIM in May 2014 by previous owner private equity house Gresham, said 2014 operating profits came in at £6.1m, compared with £5.3m a year earlier.
Chief executive Sean Fennon said the last year had been a momentous one for the company, and the IPO a “huge step forward”.
He said: “As a business we are in a unique position within the fluid power supply chain, as we are aligned to both the global supply base and its distributor network. This pivotal role has seen Flowtech develop, and market, an offering which matches the changing requirements of customers as well as delivering OEM brands, complemented by the group’s exclusive brands. ”
He said prospects for further growth were strong too, as he revealed a final dividend of 3.33p, taking the total for the year to 5p per share.
“Flowtech is a market leader in its field; we have demonstrated that we can deliver profitable, as well as consistent, levels of service to our diverse customer base.
“There is also significant opportunity for us to achieve organic growth through product development and international expansion and enhancing this through acquiring businesses that have high quality management and staff who can work with us to deliver our corporate strategy.”
Looking ahead chairman Malcolm Diamond said: “We remain optimistic that there are significant opportunities for further growth, both organic and through acquisition, product development and international expansion.”
