PERTH-based Edwards Engineering has highlighted plans to nearly treble its annual turnover within three years, from £7.5 million to £20m, with acquisitions forming a key plank of its expansion strategy.

The firm, which is celebrating 50 years in business, declared that it would be “aggressively seeking new skills and capacity via strategic acquisitions” as well as focusing on existing customers.

Edwards Engineering, which employs 60 people and undertakes mechanical, structural and electrical engineering, has worked recently on the installation of the new furnace building for Superglass in Stirling and on a blend centre for Broxburn Bottlers. The firm noted it was currently working with The Lakes Distillery at Cockermouth.

The company said it had expanded sales at an annualised pace of 20 per cent since being bought from the founding Edwards family in August 2016. The business was acquired by Cartalex, an investment group established and led by Ben Carter, who is chief executive of Edwards Engineering, and Scottish venture capitalist David Alexander.

The Perth firm, which noted apprentices make up 20% of its 40-strong engineering team, said it was exploring strategic acquisitions that could improve the “breadth and depth” of its technical offering, as well as extending its geographic reach further in the UK. Edwards Engineering revealed it had already been in discussion with several “potential partners”.

Mr Carter, who has worked previously for miner Rio Tinto and engineering group Babcock International, said: “We are actively looking at businesses that either have succession issues or are non-core to bigger engineering groups.”