Durham manufacturer Ebac reports profit increase of 150%
Electrical goods manufacturer Ebac has announced a profit increase of more than 150% in 2016, compared to 2015.
The Durham firm, which was founded more than 40 years ago by Brexit-backing North East engineer John Elliott MBE, is the only British company to produce washing machines, dehumidifiers & water coolers in the UK.
Recording a profit of £328k in the year ending 31st December 2016, Ebac enjoyed a 154% increase on its 2015 profit of £129k.
2016 saw the company’s turnover grow to £15.3m from £13.3m the previous year, with almost £5m in UK sales and exports accounting for more than £10m.
Mr Elliot commented: “After our return to profit in 2015 it is fantastic to be able to mark an increase in that profit in just one year.
“This profit is after investing more than one million pounds in new product development, which should mean higher sales going forward.”
Ebac has seen sales of its domestic dehumidifiers more than double in the last 2 years.
Elliot continued: “More people are realising the benefits of owning a dehumidifier to protect your home from condensation and damp.
’We have made significant investments in product development specifically our patented SMART control system and 3000 series range which features a new laundry drying mode.
“We have also signed new distribution deals with B&Q and Curry’s and our dehumidifiers are now available in store as well as online with Argos, Amazon, AO and others.”
Tony Hird, Business Development Director at Ebac, added: “We are very proud to have invested in new product development over the last few years, which has also seen us launch washing machines.
“These new products, plus a Brexit boost for exports, caused by favourable currency exchange rates have let us build on the success we had in 2015.
“Ebac is not a company to rest on its laurels and we will continue to innovate and invest in new and existing products, embrace the opportunities that leaving the EU will bring and continue to fly the flag for British manufacturing.”