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Newcastle’s British Engines increases pretax profit by £4 million

North East-based engineering firm, British Engines, has announced a pretax profit increase of £4 million for the year ended 3 May 2014.

British Engines’ results shows a 12% increase in turnover up to £156.3 million, allowing the company to increase investment level in the business and region as a whole.

The year saw the group increase capital expenditure by 20%, creating over 100 new jobs and spending more than £2.4 million on R&D.

British Engines have six North East-based businesses who design and manufacture technology produce for industries including oil and gas, chemical, marine, construction and agriculture.

The company’s Rotary Power business moved into a new factory in South Shields this year, whilst CMP Products expanded into a second factory located in Cramlington.

Moreover, 2014 saw Stadium Packing Services increase warehouse space in Swallwell and its head office core services team moved to Quorum Business Park.

These movements made way for significant investment in redeveloping the Services’ St. Peter’s site on Newcastle Quayside, where BEL Valves is now the sole occupier.

The continued growth will also see British Engines open additional offices abroad this year in South Africa and Brazil.

The company also revealed plans in July to increase its apprenticeship intake by 50% as prt of ongoing growth plans.

More than 53 apprentices have been taken on, adding to 53 existing, who will have the opportunity to undertake the company’s in house Apprenticeship+ scheme, alongside the more traditional apprenticeship programme.

Chairman of British Engines, Alex Lambm said: “The business was founded more than 90 years ago on the same site BEL Valves occupies today; the North East is, and will always be, our home and for this reason we maintain a commitment to not only growing our businesses, but also investing wisely within the region.

“Our commitment to local employment, and in particular apprentices and graduates, means that we retain and nurture the very best engineering talent here in the region.

“More than 800 local people have undertaken the British Engines Apprenticeship Scheme.

“Developing this in-house programme to be one of the best engineering schemes out there is a key part of our strategy.”