World-leading manufacturer is creating skilled jobs - and has its sights set on a £75m order book
Despite describing the same economic climate everyone out of their window (“pandemic headwinds”) a Gloucestershire firm has revealed impressive results.
The manufacturer of “advanced composites” for use in“challenging conditions” (no reference to the current economic climate)it supplies sectors ranging from energy to defence, from textiles to medical, rail and aerospace, the business has just revealed its annual results.
With 80 years of success already under its belt it Gloucester-based Permali looks set for a few more, revealing double-digit growth of revenue and profit, a recruitment drive and a raft of new capital investments.
Karl Wharton, managing director of Permali, which employs an estimated 100 staff, said: “We are delighted by our success in such a difficult year for the manufacturing sector, and the wider economy.
“We are extremely grateful to our loyal and highly experienced employees who have been the driving force behind our achievements, and we are delighted to be able to continue to invest in our team, our facilities and our capabilities to take advantage of new growth opportunities.
“We sell advanced material solutions delivered by experts for experts to use in challenging environments. We believe we are only at the start of a period of rapid and sustainable business growth.”
Revenue was up 13.5 per cent to more than £13m, operating profit was up, to £1.2m, it can boast a “strong potential sales pipeline of over £75m over five years”, has cash reserves of £5.4m and net asset value of over £7.7m up 54 per cent on the previous year.
Growth has been driven by business wins in the defence and medical sectors,” said a statement from the Bristol Road headquartered business, which has also just celebrated recruiting a a team of new apprentices.
All of which helped offset a small reduction in demand from the aerospace sector caused by the coronavirus pandemic.
Contract wins it is most proud of over the last 12 months include providing the NHS withmaterial for protective membranes and hospital bed mattresses as well as providing parts for all Formula 1 teams as the season restarted post-lockdown.
It also saw a significant uplift in demand for land defence vehicle parts, particularly armour panels for the Ajax tank and armoured personnel carriers.
The company said it had not used the Government covid-19 support schemes, save for temporarily deferring a VAT payment.
As a result of the above Permali has been able to focus also on plans to recruit and upskill its already technically able workforce.