New products and a drive into overseas markets helped lift annual pre-tax profits by 22 per cent at safety equipment maker Latchways.
The Devizes-based firm, which traditionally relied heavily on the UK construction industry – for which it produces harnesses for those working at height – has over recent years increasingly moved into other markets segments, including foreign sales.
As a result, revenues from its European business has climbed by 26 per cent a year over the past decade while those in North America have also been strong. Sales of its self-retracting lifeline have more than tripled over the past year in North America. Overseas revenues now account for 69 per cent of total product sales against 50 per cent previously.
In the year to March 31, pre-tax profits came in at £9.3m on total sales up 17 per cent at £39.6m. High-profile projects supported by Latchways products during the year included buildings for the London 2012 Olympics.
Chairman Paul Hearson said: "This has been an excellent year for Latchways. After the difficulties experienced since the beginning of the financial crisis and subsequent recession, we have achieved growth across the range of our products and markets, enabling us to report record revenues and profits for the group.
"Our success has been built upon providing innovative, technically-advanced fall protection solutions to an increasingly global market, and backing this with the very best customer service. As the business grows, we are investing in resource at all levels of the business to ensure that we can continue to meet the demanding expectations of our diverse customer base."
He added that outside of the UK construction market, which Latchways expects to remain flat this year, the firm performed well in the domestic market, with significant success with its self-retracting lifeline, which has become the industry standard in the offshore wind energy market.
Latchways would continue to introduce innovative, technically-advanced products and grow its sales team and engineering staffing levels, he said.
