Major Arbroath employer Interplex PMP invested more than £1 million in new plant and machinery last year as it swung back into profit.
The Angus firm’s principal activity is manufacturing components for the automotive and electronics industry.
In the financial year ending June 30, sales increased more than 20% from £13.7m to £16.5m.
Pre-tax profits for the year were £791,392 compared to a loss of £55,875 in 2017.
In her strategic report in the accounts, director Jocelin Soon Swee Har said she was “very pleased” with the company’s performance.
“We generated increased sales in the period of £16.5m deriving mainly from our exports in the automotive market, where we maintain a strong presence,” she said.
“To remain competitive the directors recognise that fresh investment is necessary and in the period under review the company invested £1,118,058 in new plant and machinery.
“Whilst still maintaining a strong presence within the automotive sector, further diversification has been secured in the period as we moved into the telecommunications sector.
“We are satisfied with our liquidity position despite our significant investment in new plant and machinery.
“The company has maintained its excellent reputation for service levels and quality in the market and continues to develop alliances with existing and new customers who recognise the unique advantages of our company and people.”
The results follow the company’s disposal of its tool-making division located in High Wycombe in October 2016 in order to refocus on the company’s core principal activities.
Interplex PMP is part of the Singapore-headquartered Interplex group which has 13,000 employees across 30 locations in 14 countries.
The Elliot Industrial Estate firm was less impacted by foreign currency fluctuations during the financial year, with exchange rate losses of £81,279 against a £392,799 deficit in 2017.
“The directors are optimistic about our prospects for the year ahead despite the uncertainty within the UK surrounding the political decision to leave the EU,” Ms Soon Swee Har added.
