Thorite achieves record turnover to cap a year of success

Fluid power specialist Thorite achieved a record turnover of £20.9 million (€23.6 million) in 2022/23, a 5.5% increase on the previous year.

The results are the latest in a run of good news for the Bradford-based, family-led firm.

It rounded off the financial year with its best ever monthly performance, racking up sales totalling £2.2 million (€2.5 million), and saw its systems division, which delivers bespoke pneumatic and electric automation systems design, build and installation, grow by just under half a million pounds in 2022/23.

Thorite’s growth has led to an expansion in the service engineer and sales teams, with a 20% increase in its workforce, as well as an increase in the number of apprenticeships it offers.

Thorite has now launched a ‘30 by 30’ campaign, with the target of achieving a turnover of £30 mllion (€33.8 million) by 2030.

Managing director Stephen Wright said: “We’re delighted to have broken the £20 million barrier for turnover – it’s a tribute to the hard work and dedication of colleagues at our ten national sales and service centres.

“We place a huge focus on delivering unparalleled customer service and that has been rewarded. These results place us very much on target to hit our ‘30 by 30’ goal.”