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Boosting its workforce and investing in equipment has fuelled double-digit growth at CB Technology as the Livingston-based electronic manufacturing services (EMS) company unveils plans to increase turnover to £25 million by 2025.
Revenues rose by 31% in the year to 31 March to £10.67 million, with profits soaring by 64% to £1.35 million.
CB Technology has 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.
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, has grown to become the largest independent EMS business in Scotland – from sixth position before the MBI – and has diversified its client base beyond the oil and gas industry into the communications, industrial and medical sectors.
Now, CB Technology has signalled its intention to grow its revenues to £25 million by 2025 by continuing to broaden its customer base and through mergers and acquisitions (M&A).
John Cameron, Managing Director at CB Technology, 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. While other companies in our sector are growing in single digits or struggling to grow at all, our business has grown by more than 30% in each of the past three years.
“That’s thanks to our focus on working in partnership with our customers to fulfil their needs and responding to changes in their sectors.
“It’s also due to our high-quality operational, technical and supply chain staff and to our world-class management team. We’re the world leader when it comes to downhole electronics and we’ve been successfully translating that expertise into other sectors in recent years.”
CB Technology has retained all its staff – including temporary workers – during the Coronavirus lockdown and has continued to pay 100% of their wages. The company’s strong relationship with its supply base and its prudent financial discipline has enabled it to balance supply and demand during the lockdown and to manage its costs accordingly.
As a key supplier to UK companies operating two critical sectors –infrastructure and medical - CB Technology has played a vital role in the country’s response to Coronavirus and has identified a number of important areas where it can support the UK’s economic recovery.
Mr Cameron added: “Having the backing of Maven gives us the firm financial foundations not simply to survive the Coronavirus storm but to continue to grow in the years ahead.
“We have the expertise and the capacity to help original equipment manufacturers (OEMs) and our other customers navigate their way through the months ahead too.
“Our know-how and financial strength mean we will continue to be a reliable and trusted partner within our clients’ supply chains and play our part in helping to rebuild the wider economy.
“We have both the speed and the flexibility that our customers need to recover and reshape their business, and also to capitalise on opportunities that arise during the recession and beyond.”
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