Devon engineering firm celebrates record results in anniversary year
Tiverton based engineering and manufacturing group Rotolok has reported record results in its 50th year in business.
The latest financial statements for the company reveal that turnover increased by 11 per cent to £29m in 2023, compared to £26.3m in the previous 12 months.
Overall, profit before tax rose by 22 per cent to £5m up from £4.1m in 2022.
Group managing director Sean Swales, said in their newly published 2023 annual report: “It is fitting that upon our 50th year anniversary, we report record results. We are delighted to have achieved such a brilliant operational and financial performance on our half century.”
The group’s results were put down to strong fundamentals in traditional and resilient end markets, plus notable business wins in the rapidly growing green technology arena.
“We are proud to have manufactured Rotolok valves for EV battery production and numerous biomass plants and supply a substantial Roots blower package to process and generate green hydrogen at the incredible Neom City in Saudi Arabia,” said Swales.
“There are enormous opportunities ahead for us supplying equipment into low or zero carbon technologies and processes. Our business continues to evolve to meet and set new standards as applications change with global decarbonisation targets.”
Upgrades to the firms digital and IT systems were highlighted together with a new ERP system installed at the Tiverton, Head Office. The factory investment program continued to help manufacturing efficiency with increased automation, producing top quality precision engineered parts.
A new robotic welding cell was commissioned in the year and is in full production making great contributions.
Swales added: ‘We are ambitious and we set ourselves high targets and expectations. Despite our fabulous record results, we believe that we could and should do better.
“By continuing to invest in our people, optimising our operations, and adapting to provide even more efficient and greener solutions, this family business continues to make a postive impact throughout the world.”
Founded by Dan McCauley in 1973 Rotolok has grown to become one of the leading international suppliers of valves and branded engineered products into process and energy industries. They operate globally, with facilities over five continents, and employing over 270 people.
