FLOWCRETE Bucks The Trend With Profit Hike
Global flooring manufacturer Flowcrete Group –
which has its headquarters in Cheshire – is beating the recession
with a 72 per cent increase in profits.
The company has recorded a pre tax profit of £5.1 million, against a previous figure of £2.9 million.
This increase comes on the back of a healthy £50.8 million sales figure, which stands 15 per cent ahead of last year.
Flowcrete Group managing director, Mark Greaves, says the growth has been fuelled by continued expansion in the Middle East, South Africa and South East Asia – which has more than compensated for quieter trading conditions in Europe and North America.
The accounts to 31 May 2009, show a turnover of £72 million, of which just under £20 million is generated in the UK, £25 million in other EU countries and £27 million across the rest of the world.
Flowcrete’s resin flooring products have been installed at high profile locations across the globe, including Beijing Olympic Stadium, the new Soccer City stadium in Johannesburg,, Dubai International Airport and Media City in Brussels. Within the UK, Flowcrete products have been applied at locations including Manchester International Airport and the luxury retail centre, Westfield London.
In April 2008, Flowcrete was bought by NYSE-listed American coatings specialist RPM International and the company’s healthy performance is strongly linked to the opportunities that have been afforded under the deal.
Mark Greaves said: “The integration of Flowcrete into the RPM Group of companies has progressed extremely well, with significant synergies being realised in raw material costs, logistics and cross sales of products to other RPM companies, which will support continued growth in Flowcrete’s sales and profits in coming years.
“Our success further enhances Flowcrete’s position in the flooring sector and gives us a distinct advantage in the marketplace. We have achieved a top rating for our industry from credit ratings agency Dun and Bradstreet, which offers reassurance to specifiers of our ability to manage large-scale projects in this challenging economic period.”
Flowcrete, which is based in Sandbach, South Cheshire has 29 offices and manufacturing centres spanning the world.
Despite the economic downturn, the company’s international expansion over the last 12 months has included the opening of new offices in Vietnam and India.
Flowcrete has also forged new relationships with applicator partners in the Caribbean, Russia, Peru, Chile and Argentina.
Earlier this year, it secured The Queen’s Award for Enterprise, in the International Trade category.
Mark added: “This year has been a milestone for us and we are looking forward to more opportunities in 2010 and beyond.
“As a company, we have always put great emphasis on developing innovative new products and investing in our people, and that has been the reason for our success across the world.”