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WMFTG announces strong growth driven by success in markets
Falmouth, UK, 8th May 2019 / Sciad Newswire / In the recently published 2018 annual report, Watson Marlow Fluid Technology Solutions (WMFTS), part of Spirax Group, reported excellent sales of over £265 million, driven by the continued growth of key industries as well as aggressive overseas expansion.
A significant proportion of business, c.40% of sales, is with the pharmaceutical and biotechnology industry which remained buoyant, supported by record levels of investment. Sales of BioPure, Aflex, FlowSmart and Watson-Marlow Tubing brands, in particular, all contributed strongly to growth. The OEM medical device/clinical diagnostics, and food and beverage industries, two other important markets to the Company, also remained robust.
Watson-Marlow’s geographic expansion continued in 2018, with a direct sales presence installed in the Philippines and a company established there that will begin trading in 2019, as well as a new company which began trading in the UAE. This, as well as expansion in the USA, Korea and South Africa, all helped to drive significant sales and profit growth.
Financial Highlights
Watson-Marlow Fluid Technology Group (WMFTG) reported organic growth of 9% in 2018, partially offset by exchange headwinds of 2%, delivering sales of £265.2 million. The Company increased its adjusted operating profit by 11% and its statutory operating profit from £74.8 million in 2017 to £77.5 million.
About Watson Marlow
Watson Marlow Fluid Technology Solutions (WMFTS), part of Spirax Group (LSE:SPX, FTSE 100), is an award-winning, global leader in fluid management technology and for over 60 years has engineered components and systems for customers in a wide range of pharmaceutical and industrial markets. WMFTG comprises ten established brands, each with their own area of expertise, offering customers an unrivalled breadth of solutions for their fluid management applications.
Success in markets
Plans for 2019 and beyond
Building on this success, the Company has recently invested £20m in a new factory for one of its UK based brands, Aflex Hose, it expects that up to 200 new jobs will be created as a result of the new development over the next 10 years demonstrating a clear commitment to boosting the UK economy in this time of political uncertainty. Watson-Marlow is dedicated to supporting the UK engineering and manufacturing sectors and this year celebrates its 50th anniversary at its headquarters in Falmouth, Cornwall.
The market drivers in Watson-Marlow Fluid Technology Group’s key industries, pharmaceutical and biotechnology, as well as food and beverage, medical device/clinical diagnostic OEMs and environmental, all remain strong. This positions the Company well for continued growth, with further expansion in Southern Europe and Latin America planned for this year.
President of Watson-Marlow Fluid Technology Group, Jay Whalen: “We are very pleased to report strong organic sales and profit growth in 2018. Watson-Marlow’s fluid management expertise transforms our customers’ production processes in biotechnology, pharmaceutical, industrial, automotive, mining, food and beverage, original equipment manufacturing and medical device/clinical diagnostic industries. Our strategic investments in our direct sales force, geographical expansion, market-leading new product innovation and manufacturing efficiencies, to name but a few, will enable us to build on this success in 2019 and beyond.”