An expanding marine engineering firm more than doubled its turnover in the last financial year, mainly down to a growth in parts sales.
Marine and Power Engineering is celebrating its best year yet after seeing turnover hit £2.78 million in the 12 months to 30 June 2024, up from £994,000 in the previous year and from £550,500 in the year before that.
The company increased its focus on parts supply in the past few months and has signed several key deals in the same time frame to fuel even further growth.
Based in Burton upon Trent, the business has recently taken on new office space at Granary Wharf to accommodate increasing demand from its growing customer base, whilst continuing to manufacture at Steel Fabs Industrial Estate.
Natalie Vanstone, Operations and Sales Director, said: “The new office space and the deals we have struck mark significant milestones in our journey.
“We still have a really successful engineering part of the business but have moved into parts supply in the last year by selling parts into fishing and power generation.
“We are delighted with the results we have been able to achieve and are aiming for similar success this year.
“We are already looking to expand our premises for parts storage.”
Marine and Power Engineering was originally set up in Kent in 2015 then moved to elsewhere in the Midlands before settling in Burton upon Trent in 2021.
The firm signed a Channel partnership agreement with a company in America to sell machine engines last year and agreed a contract to become the UK distributor of Austria-based PowerUP, which provides gas engine solutions, earlier this year.
Recent investments in the engineering side of the business include two new overhead cranes purchased earlier this year, costing £60,000.
Three members of staff have been taken on since the move to the new unit, bringing the total number employed by the company to 11.
The firm is planning to do its first trade show, SMM Hamburg, next month.
