A Barnstaple-based company is bucking the financial gloom with the announcement of record sales and profits.
J+S Ltd operates from sites at Pottington in Barnstaple and in Aberdeen, employing 135 people engaged on a range of engineering and production activities, primarily in naval support, marine renewable energy and sub-sea asset management for the North Sea oil and gas exploration markets.
It has announced record results for the year ended September 30, with sales up 27.7% on the previous year to just under ï¿½13.3m and operating profit increased by a massive 41% to just under ï¿½1.5m.
Managing director David Jeffries said: â€œThis was an outstanding performance by the team at J+S. Our sales increase reflects a strong performance by our oil and gas business, coupled with a great export performance by the defence business. Our oil and gas sales increased by 70.9% to ï¿½2.8m, while our defence business turnover increased by ï¿½2.2m to ï¿½10.2m, including an increase in export sales from just ï¿½400k to over ï¿½1.6m. We have improved our operating profit margins from 10.2% of sales in 2010 to 11.3% in the year and this margin improvement combined with the increased sales volume has resulted in operating profits growing from ï¿½1,060k last year to ï¿½1,495k. Furthermore, we remain debt fre, as we were last year, despite substantially increasing our investments in new products and services for all of our markets.
â€œWhile our third business area, marine renewable energy, had a difficult trading year we have seen a strong increase in demand for our market leading sub-sea high voltage electrical and optical connection systems and engineering support in this market in the last three months.
â€œLooking ahead to 2012, trading conditions are bound to remain extremely demanding, but I am confident the team at J+S will rise to whatever challenges we encounter.â€
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