Electro mechanical engineering specialist Houghton International exceeded its £5 million turnover target in 2014, leading to record profit representing a 25% year on year growth and £1million investment plans for the Newcastle based firm.
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Strong sales performance and infrastructure improvements have resulted in record results for the financial year to January 2015. Growth comes from expansion into new sales territories in the UK and overseas, long term contract wins in the rail sector and sustained development in its core HV coil business.
In addition to our forecasted sales, profits in 2014 were bolstered by several large motor rewind projects for overseas power producers. We have also secured some strategic long term contracts that put us in a robust financial position moving forward.
To exceed our target and break the £5million barrier for the first time is a fantastic achievement, especially in our 30th year in business.
We plan to invest a further £1million into the business this year, financing new machinery, people development and factory enhancements to enable us to compete in developing markets and continue to meet our customer’s needs. This supports further double digit growth for 2015.
We’ve set the challenge to hit £20million turnover by 2020 and are confident that our highly skilled workforce, innovative culture and reputation for quality will help us grow the business even further, both in the UK and further afield.
To support this the company expects to take on around 150 new employees, invest £2million into R&D and expand into new manufacturing space to accommodate the increase in demand over the next five years. Houghton International has also committed to taking on six new apprentices this year, following the graduation of four of its current recruits with HNC qualifications.
Founded in 1984 by Michael’s parents, Ron and Christine Mitten, Houghton International has expanded over the last 30 years into a multi-million pound, multinational business. The company has grown from originally serving one customer to now working with over 200 customers in the UK and beyond. Houghton International currently export to over 15 countries worldwide, including Canada, Greece, Hong Kong, Indonesia, Nigeria, Norway, Venezuela, Malaysia, the Middle East, the USA and the Caribbean.
Located over three sites on Walker riverside, it now employs 80 staff and specialises in the repair, maintenance and life extension of electrical mechanical assets servicing a broad range of sectors including power generation, renewables, industrial, water, oil and gas, marine and rail.