£5m turnover business sets its sights on 20% sales increase

A North Yorkshire business which helps global companies extract oil and gas from the ground is targeting a 20% increase in sales this year as it celebrates its 10th anniversary.

HMi Elements has operated since the late 1980s, but this month marks a decade since current owner and Chief Executive Howard Gould led the management buyout of the company – which was then named TECHNOR iSiS.

HMi Elements designs and manufactures industrial strength computers that are used in some of the world’s most hazardous environments including drilling rigs and oil refineries. It employs 35 people and turnover for last year was £5m.

Based in Malton, the business also has a research and development centre in Leeds and an office in Houston, Texas, with over 95% of sales exported.

Gould said: “Our 10 year anniversary is a notable achievement, because we have taken the business forward to the point where it is almost unrecognisable from 2009 and have a clear plan of what we want to achieve in future.

“We have set an ambitious but achievable target to increase sales by a fifth this calendar year, and we are on course after the first six months.

“We have won two very important contracts providing bespoke products. There is trend based business that we can plan for and we are launching a new product that is better than anything created before.

“In addition, we are one of only four companies that operate in this space yet have a relatively small market share.

“We can certainly increase sales and improve profitability and our new product will help us do this.

“While the oil and gas sectors are volatile and are affected by a range of issues – many of which are geopolitical and out of our control – we are confident of continuing to grow the business, not just this year but in the foreseeable future.”

He added the firm’s products undergo rigorous testing and auditing so they can withstand explosive atmospheres.

Due to the geographical spread of the world’s oil and gas reserves, these “mission critical” products have to be capable of operating in temperatures ranging from -40°C to +60°C.

 

 

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