Barnstaple company announces record profits
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 �13.3m and operating profit increased by a massive 41% to just under �1.5m.
Managing director David Jeffries said: “This 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 �2.8m, while our defence business turnover increased by �2.2m to �10.2m, including an increase in export sales from just �400k to over �1.6m. 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 �1,060k last year to �1,495k. 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.
“While 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.
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“Looking 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.”
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