Pre-tax profit at Dundee company Aerospace Tooling Ltd (ATL) soared two-and-a-half times to £4.2 million last year, continuing a glowing performance.
The turbine component maker and repair outfit’s turnover climbed 65% to £11m.
The Baldovie Industrial Estate firm specialises in the refurbishment of high-value aerospace and industrial gas turbine parts.
It saw pre-tax profit rise 15-fold in the previous year to £1.7m from a turnover of £6.7m.
The success stems from its £3.5m management buy-out in 2013 funded by the venture capital Foresight Group whose reputation was built by delivering strong performance for investors from unquoted investments in the UK.
Operating from offices in the Shard in London, Foresight now makes private equity, infrastructure and environmental investments in the UK, US and southern Europe.
Foresight strives to generate increasing dividends and capital appreciation for investors over the long term and has more than £1.3 billion of assets under management.
ATL has been operating in Dundee since late 2007, when it took on the Piper Street unit from Wood Group who quit after years of losses. Around 80 jobs were saved.
Much of the losses stemmed from the loss-making Gillingham plant, which was sold for almost £900,000 below book value.
When Foresight made their majority investment, ATL chairman John Seaton said: “Foresight shares our passion and enthusiasm for the products and services we provide and for the sector we serve.
“In Foresight I am confident that we have found the right partner and we have the right structure in place to deliver the future growth plans for our business. We look forward to a profitable partnership.”
Darrel Connell, senior investment manager at Foresight, was confident ATL would prove a worthwhile addition to a portfolio that had delivered shareholder returns of £96m in the past five years.
Figures for the last two years show their hopes have been fulfilled.