AN ELECTRONICS manufacturing services firm has said boosting its workforce and investing in equipment has fuelled double-digit percentage growth as it plans to increase turnover to £25 million by 2025.
CB Technology said revenues rose by 31 per cent in the year to March 31 to £10.67m, with profits rising by 64% to £1.35m.
The Livingston-based firm said it reaped the rewards of growing its headcount from 47 in 2018 to 71 at present, and introducing more efficient production methods, including “cellular, flow and lean” manufacturing techniques.
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Turnover has more than trebled since 2015 when Maven Capital Partners, the Glasgow-based private equity house, backed a management buy-in (MBI) at the West Lothian business.
The company, which was founded in 1999, says it has grown to become the largest independent EMS businesses in Scotland - from sixth position before the MBI - and has diversified its client base beyond the oil and gas industry into the industrial, communications, and medical sectors.
It has signalled its intention to grow by continuing to broaden its customer base and through mergers and acquisitions.
John Cameron, CB Technology managing director, who led the MBI, said: “There’s a huge amount of hard work across the company that goes into producing financial results like these and I’m incredibly proud of our team.”
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