Pre-Takeover Profits Soar at Fine Tubes
In May 2015, Plymouth-headquartered Fine Tubes, along with US sister company Superior Tube, was acquired by electronic manufacturer Ametek for $200m (£128.4m).
The businesses had previously been owned by private investment firm the Watermill Group since February 2012.
According to the most recent accounts for Fine Tubes Ltd, covering the year ending 31 December 2014, pre-tax profits rose to £5.6m, from £3.9m in 2013.
Turnover hit £46.3m, up from £42.7, during the same period.
The majority of the revenue was generated in the UK, which accounted for £28.6m, up from £26.7m, with European sales of £9.8m (rising from £8m in 2013) and North American operations generating £4.2m (£3.1m in 2013).
The combined business of Fine Tubes and Superior Tube Company, together known as Global Tube, has recorded sales of £120m (£77m).
In their statement accompanying the results, the directors said: “The results for 2014 reﬂect the company’s strategy for continued growth in turnover, whilst reducing the business risk placed on dependency in any one industry sector or geographic area.
“Closing the year, the pre-tax profit for 2014 was £5.6m with an order book reﬂecting a positive future outlook.
“The trading environment though is expected to remain competitive, especially with the current reduction in oil prices. Increased short term competition is expected, however risk is reduced by the company’s involvement in Aerospace, Medical and Energy industries.
“Through 2015, the company is planning to increase its investment in new plant and machinery to support its strategic customers and business sectors across the world.”