Wednesday, May 15, 2019

News: Turnover increases by £10m at AESSEAL

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Rotherham manufacturer AESSEAL has had yet another successful year, posting an 8% rise in organic sales, with currency adjusted profit up by 17.4% in 2018. Turnover has increased by £10m.

With its global headquarters at Templeborough, the company designs and manufactures mechanical seals and seal support systems for a wide range of global industries including oil and gas, food, water, mining and pharmaceuticals.

Group turnover rose 6.3% from £170.6m to £181.3m in the year to December 31 2018, with organic sales growth of 8% when adjusted for acquisitions and currency fluctuations. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 15.7% to £34.7m.

Group net assets rose to £122.8m, an increase of 18.6% from 2017, and the group held a positive cash balance of £16.5m at year end, despite increasing capital expenditure – which included investment of £6.8m in additional 9 and 11 axis machining capacity.

2019 marks AESSEAL's 40th anniversary. Founder, Chris Rea purchased Aurora Engineers Supplies in 1979, as a small distributor of mechanical seals, with ten employees and an annual turnover of £400,000.

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The strong financial results complete a bumper year for AESSEAL, which won a number of significant business awards recognising international trade and its outstanding training and development programme.

As well as scooping a number of awards as a business, a number of outstanding individuals within AESSEAL were also recognised, with apprentices Amber Nicholson, Nathan Wall and Ryan Morris winning Apprentice of the Year awards in their respective regions, whilst managing director Chris Rea was presented with a lifetime achievement award for his outstanding contribution to the pump industry at the Pump Industry Awards.

Chris Rea OBE, Founder and managing director of AESSEAL, said: "Although 2018 was a year of political and economic turbulence, we are proud that the AES group has delivered another set of strong results. Hard work and a continued focus on the quality of our product and service has ensured that, despite market uncertainty, new and existing customers have continued to put their trust in us and our products. We look forward to 2019's results with great deal of optimism."

AESSEAL website

Images: AESSEAL

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