Innovator on the crest of a wave after sevenfold profits increase

0
Have your say

Maritime innovator Martek Marine has recorded a sevenfold increase in profit after increasing its turnover by a third.

The Rotherham company supplies environmental and safety systems to ship operators around the world and is currently making waves in China and Singapore after expanding its Asia Pacific headquarters in the island state.

Martek increased its turnover to £6.9 million and increased net profit to £1 million in its last financial year and is now on target to boost turnover to £10 million.

The Manvers-based business, founded in 2000 with a budget of just £6,000, now employs 54 people – up by 40 per cent in the last 12 months.

Martek is currently poised to launch a series of new products, including an electronic chart navigation system.

The company is also heading a European consortium which is developing revolutionary technology for treating water, taken on board as ballast by ships – a £25 billion market.

And, it has launched a partnership with mobile communications specialist Orange to pioneer telecom technology in ships.

Martek’s chief executive, Paul Luen, said: “Our ongoing strategic expansion and cutting-edge products have enabled us to out-perform the market supported by over 50 sales and service partners internationally.

“Now exporting to over 80 countries worldwide, we are seeking to attract top talent who relish an exciting career in international trade as we continue to buck the trend of recession in the global market and create opportunity.”

Martek’s innovative products include an award-winning emissions monitoring system that measures carbon dioxide, sulphur dioxides and nitrous oxides created by ship engines, which can also reduce fuel consumption by up to four per cent.