Valve manufacturer President Engineering Group is celebrating smashing sales targets 18 months after the Sheffield company was formed by a management buyout from the Flow Group.
Attercliffe-based President Engineering (PEGL) has boosted turnover by 44 per cent to £10.3 million, with exports, which now account for 80 per cent of sales, increasing by 51 per cent.
PEGL comprises Bestobell and Conflow.
Bestobel makes valves for cryogenic applications including liquefied natural gas (LNG), while Conflow makes equipment for controlling water and suppressing dust and fire in mining industries. The company was formed directors Mark Henley, Marie Cooper and John Waddington, who saw an opportunity to increase UK sales, grow existing markets in Europe and the US and develop new markets in the Far East and Russia.
The new management team invested £1 million in new plant and machinery, increased the workforce at its 30,000 sq ft President Park site by 15 per cent to 100 people and introduced a staff training and apprenticeship scheme.
Earlier this year the company scored a major success in the Chinese market, winning a $2.5 million contract to supply Bestobell cryogenic valves to Hudong Shipyard in Shanghai.
Managing director Mark Henley said: “The Bestobell and Conflow brands both date back more than fifty years and have earned a global reputation for being the best designed, most robust products in the market.
“Sheffield is part of our pedigree and we are proud to be taking high value engineering products to new markets around the world. We see some great opportunities ahead.”
Mr Henley praised the Sheffield office of business advisers and accountants Grant Thornton.
“The Grant Thornton team has played a vital role in supporting our development – from international tax experts helping to steer us through the financial regulatory minefield in India to audit advisers helping to assess compliance risks,” he said.