Profits soar for Newton Abbot engineering business
Newton Abbot based Centek has been placed seventh in the 2014 Sunday Times BDO ‘Profit Track 100’, the influential survey which identifies UK private companies with the fastest growing profits.
It is the only company from Devon & Cornwall to feature in the Top 100 and one of only 26 manufacturing businesses to appear in this year’s survey which was published this week.
Centek are world leaders in designing and manufacturing bow spring centralisers which are used by the oil and gas industries in the drilling process to keep casing centred in holes before they are cemented in place.
Latest annual turnover figures amount to over £21.4m of which 94% are overseas sales with profits soaring to around £7m, a three year increase of 116% rocketing the business from 18th in last year’s survey into the UK’s Top 10.
Centek was established in 2001 and employs some 160 people at it premises on Brunel Industrial Estate in Newton Abbot and a further 90 staff in Oklahoma City, USA. It now operates in over 50 countries.
Founder and CEO Tony Cutmore said: “It is very gratifying to see Centek climbing this profit table as it gives a clear indication of our success and sends a strong message to the market that our products are world beating.”
“Our success can be attributed to innovative design, engineering skills and being responsive to market demands. This requires investment in research and development and a continuous process of delivering new products that the oil and gas industries need.”
“Word is spreading throughout the industry that using our high quality products is not only very effective, it leads to safer working practices and reduced environmental damage. Sales increase, profits improve, we are able invest in more product development and the cycle continues.”
Centek has recently invested £6 million in extending its current premises and new plant including a purpose-designed heat treatment system and plans to be the world’s largest manufacturer of centralisers by the end of the year.
