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.”
Thorite achieves record turnover to cap a year of success
