Record profits fund investment at Steelite

24 May 2012 by
Record profits fund investment at Steelite

Steelite International has posted record sales as it prepares to expand its manufacturing base in Stoke-on-Trent.

For the second year running, the manufacturer has exceeded its turnover record, with a 9.4% increase to £66.3m (from £60.6m in 2010). Profits of £7.9m will pave the way for major reinvestment throughout 2012.

Production at the factory has also increased, and as a result the workforce has grown this year to more than 700. The results also revealed a strong international performance, with sales to its biggest overseas market, the USA, growing by 11.25%.

Commenting on the results, Steelite International chief executive Kevin Oakes (pictured) said: "This is an outstanding performance, especially as the hospitality sector remains a highly competitive international marketplace.

"We have maintained and strengthened our position as the UK's largest provider of tableware by reinvesting our profits and striving to lead the way in innovation. This year has seen exciting new product launches - with ranges such as Optik, Craft and Koto.

"We have also invested heavily in new technology, marketing, and in training, developing and engaging our staff and young apprentices - all of whom we know are vital to our future success.

Sounding a note of caution, Oakes added: "Business conditions remain challenging despite our growth, and there is a lot of pressure to compete across the globe. Increasingly costs are also a constant concern, with energy prices particularly having a big impact on the business.

Commenting on plans to develop the Steelite International factory, Oakes confirmed: "We have secured more than £2m of Government support through the Regional Growth Fund but this is just the tip of the iceberg - the new plant and developments at Middleport would amount to more than a £10m investment. We still, however, have a lot of work to do over the coming months to make these projects happen.

"Nevertheless, this is excellent news for Steelite International and for the Stoke-on-Trent pottery industry. We believe that the reinvestment of our profits in future growth will be the platform for even greater success."

By Lisa Jenkins

E-mail your comments to Lisa Jenkins here.

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