Friday, April 21, 2017

News: AESSEAL hails record sales month

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Rotherham manufacturer AESSEAL has posted record sales for March 2017 at just under £16m, nearly £2m greater than the previous record breaking month for the business.

With its global headquarters at Templeborough, the £150m turnover company manufactures mechanical seals for a wide range of industries, including oil and gas, food, water, mining and pharmaceuticals. With a focus on quality, the firm has won numerous awards including 13 Queen's Awards to date.

AESSEAL is the world's fourth-biggest maker of mechanical seals and has previously seen sales and profits grow every year for over 30 years. It operates in 104 countries with 58 repair facilities and nine manufacturing sites.

Turnover for 2016 is expected to be reported at around £152m with exports making up around 80% of that and the company has also reached a record landmark of £100m in net assets. Founder and managing director, Chris Rea has hailed the success as a "magnificent achievement."

In a message to all 1,700 staff he said: "In a time of decline for all of our major competitors, due to the low price of oil and the lack of business in that area, this is a magnificent achievement. I remain convinced that people are the most important ingredient for business success and the results are testament to your hard work and commitment to customer service. I am proud and delighted with all of you for what you have done and continue to do to give our customers exceptional service."

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Rothbiz reported earlier this month that AESSEAL has become a founder Rotherham Pioneer, joining an exclusive group for Rotherham businesses who want to promote the town, celebrate all that is good, and grow the Rotherham business community.

Chris Rea OBE, DL, took on the business that was a distributor for an overseas company and which had eight employees on April 1, 1979. It is now on target to beat a target for a record sales year for 2017. He added: "Part of it has come from the weakness of sterling, which means that international sales have been translated into a higher sterling number. We have also been helped by the fact that we had a 23-day month as in 2017 Easter falls in April. Nonetheless, March saw another important milestone, in that our group had £100m of net assets after depreciation, supporting our £160m-plus 2017 sales target."

It may appear questionable overinvesting in the business, however Mr Rea stated: "In my view, investment in our future is a key contributor to our ongoing success and that with higher levels of investment in people and infrastructure like machine tools and information technology, we get sustainability and with it security for all of us. In short, we did get a record sales month and coincidentally the £100m milestone of net assets invested in the business could be a part of the reason for a sustainable business."

AESSEAL website

Images: AESSEAL


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