North East engineering group, British Engines, released its 2021 results, showing a trading profit of £5.4m.
The group, which has eight businesses in the region, reported a 31% increase in its order book in 2021, starting the new financial year with an opening order book of £47m, with further increases occurring since then.
Alex Lamb, Chairman of the British Engines Group, said: “I’d like to express my thanks to all of our employees who have worked so hard to deliver these results. It is fair to say that the pandemic and subsequent restructuring was a challenging time for the business and our employees.
“In spite of the obvious pressures facing the world at the moment, we are still seeing an increase in enquiries and orders and as a result, planning for further growth. Whilst COVID continued to impact our operations and customers throughout the year, we are delighted that the company continued to thrive.”
British Engines increased its headcount by 45 people during 2021 and with activity levels continuing to strengthen, have launched a significant recruitment drive to attract 100 new employees.
The 100 jobs for 100 years campaign offers a £750 sign-on bonus to employees who join the company over the coming months. An initiative which the company hopes will attract new talent within the region.
Alex commented: “It feels somehow appropriate that 100 years after the creation of the company by my Grandfather and Great Uncle, we are able to recruit these roles to help the company grow over the next 100 years.”
After declaring a loss for the previous 18 months, which was made up of an operating profit of £5.6m, before deducting £19m of restructuring costs, the result for 2021 demonstrates that the group is again growing and thriving.
Alex added: “The group’s previous reliance on the oil and gas market has been significantly reduced and replaced with revenues from other markets relating to alternate energy sources and new technologies. We expect this shift will allow the company to continue to prosper over the coming years, decades and maybe even the whole of the next century.”
The British Engines Group comprises CMP Products, BEL Valves, BEL Engineering, Rotary Power, Michell Bearings, Stephenson Gobin, Stadium Export Services and Tyne Pressure Testing.