Fibrelite reaps rewards in new markets

FIBRELITE is investing in new markets and industries as it continues to rapidly bolster its growth.

The firm, best known for supplying composite manhole covers, said both its exports and domestic markets are growing strongly.

For the year ended December 31 2012, it reported an increase in pre-tax profit to £609,930 from £585,052 in 2011 and turnover increased by 15% to £11.2m.

The Skipton-based company, which employs around 120 people, said throughout this financial year, it has seen a particularly strong growth in North America.

Managing director Ian Thompson said: “This market has grown by 42% for us, which is a real positive. There has been a lot of bad news for the UK and Europe, but export markets in South East Asia and North America are bolstering our growth and being the main growth driver.

“Certain parts of the world have had their difficulties but if you have international exports, you can find growth. Our Western European turnover has struggled, especially in 2013, so we have had to look further afield for growing markets.

“Last year, we were 18% up on organic growth, a lot coming from the export markets. We have spent a lot of time and effort exploring new markets, so it has been money well spent.”

Now, the business, which predominantly works in the petroleum industry, said it is focusing on investment in marketing and product development to sell composite covers in other industries to diversify the business.

Mr Thompson said: “We see a huge opportunity to diversify into new areas. That is the where the growth is looking forward.

“We are also seeing particularly strong business in Africa and the Middle East, which are new markets for us, and we are looking to invest in more representation there. These markets have got good potential for us.”

Throughout the year the business, which won the first ever Yorkshire Exporter award at last year’s Yorkshire Business Masters event, has also taken on a number of new graduates to develop its workforce.

Mr Thompson said: “This has helped us develop the next young management team and they are all progressing really well. We are delighted with them and they have proven to be a good investment.”