The latest financial report of the fluid management technology company shows continued growth of key industries and aggressive overseas expansion as the driving forces of growth
Watson-Marlow Fluid Technology Group (WMFTG) has reported sales of more than Â£265 million. The 2018 financial report shows that the result has been driven by the continued growth of key industries as well as aggressive overseas expansion.
The fluid management technology company has engineered components and systems for customers in a wide range of pharmaceutical and industrial markets. Headquartered in Cornwall, WMFTG comprises ten established brands, each with their own area of expertise, offering customers an unrivalled breadth of solutions for their fluid management applications.
A significant proportion of business, 40% of sales, is with the pharmaceutical and biotechnology industry, which remained buoyant, supported by record levels of investment. Sales of BioPure, Aflex, FlowSmart and Watson-Marlow Tubing brands, in particular, all contributed strongly to growth.
The OEM medical device/clinical diagnostics, and food and beverage industries, two other important markets to the company, also remained robust.
Watson-Marlow's geographic expansion continued in 2018, with a direct sales presence installed in the Philippines and a company established there that will begin trading in 2019, as well as a new company which began trading in the UAE. This, as well as expansion in the US, Korea and South Africa, all helped to drive significant sales and profit growth.
WMFTG reported organic growth of 9% in 2018, partially offset by exchange headwinds of 2%, delivering sales of Â£265.2 million. The company increased its adjusted operating profit by 11% and its statutory operating profit from Â£74.8m in 2017 to Â£77.5 million.
Building on this success, the Spirax-Sarco Engineering subsidiary, has recently invested £20m in a new factory for one of its UK based brands, Aflex Hose. It expects that up to 200 new jobs will be created as a result of the new development over the next 10 years demonstrating a clear commitment to boosting the UK economy in this time of political uncertainty.
The market drivers in Watson-Marlow Fluid Technology Group’s key industries, pharmaceutical and biotechnology, as well as food and beverage, medical device/clinical diagnostic OEMs and environmental, all remain strong. As a result, the company sees itself positioned well for continued growth, with further expansion in Southern Europe and Latin America planned for this year.
President of Watson-Marlow Fluid Technology Group, Jay Whalen, said: “Our strategic investments in our direct sales force, geographical expansion, market-leading new product innovation and manufacturing efficiencies, to name but a few, will enable us to build on this success in 2019 and beyond.”