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Tyneside engineers Houghton International chalks up record revenues ahead of US acquisition

2025-05-04 09:31:30 By

Houghton International saw record turnover last year

A Tyneside engineering group recently acquired by a US company saw record turnover during its last year in family ownership, accounts reveal.

New accounts for Newcastle-based Houghton International, which cover the year up to January 31, show that it saw turnover rise from £10.3m to £12.5m. Operating profit went up from £829,000 to £1.3m.

The electro mechanical engineering firm was founded in 1984 by Ron and Christine Mitten and was being run by their son Michael until a deal in May saw it being acquired by South Carolina-based IPS (Integrated Power Services). The company last week filed confirmation to Companies House that it is changing its filing name to IPS Newcastle Ltd.

IPS is a leader in the servicing, engineering, and remanufacturing of electrical, mechanical, and power management assets in North America, and bosses said the deal marked the firm’s entry into new markets in the UK, Europe and the Middle East.

The accounts say: “The year ended January 31, 2024, has seen the company emerge from a period of transition against a backdrop of political instability and structural change to record its highest-ever results for turnover and profit before tax. Revenue increased by over 21%, profitability was maintained and activity increased across all operating units and industry sectors.

“We continue to invest heavily in employee training, apprenticeships and development, and expect to secure further growth in the coming year, particularly within the renewable energy and water sectors.”

The company has been based at Parsons Works on Shields Road since 2020 after a move that brought together all parts of its operations.

A note in the accounts says: “The company aims to grow significantly and beyond as part of a larger group, while improving profitability”.

Houghton said it expected to increase its production capabilities through investment in equipment, which would lead to increasing headcount. Its growth would be achieved both by taking in new geographies as well as expanding the services it provides in new and current sectors.

The company operates principally in the maintenance and repair of electro-mechanical rotating machines, and the design and manufacture of high voltage coils and insulation systems.

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Manufacturing

Turnover tops £300m at Northumberland family firm Simpsons Malt

2025-05-04 09:31:30

Turnover has topped £300m at Northumberland agricultural merchant Simpsons Malt, which saw profits jump 60% on the back of a key acquisition. The 161-year-old business, a fifth-generation family-owned firm, uses UK barley to produce malt at Tweed Valley Maltings in Berwick-upon-Tweed, Northumberland, and Tivetshall Maltings in Norfolk, while also operating an agricultural merchant division, McCreath Simpson & Prentice, in Northern England and Scotland. The company has published accounts for 2023 showing pre-tax profits rose from £9.5m to £15.2m, while turnover increased from £273.8m to £301.3m. Directors said profitability increased because of a number of factors, including the acquisition of WN Lindsay Limited in 2021 which allowed the business to procure record levels of grain direct from farms, surpassing previous record totals chalked up in 2022. Staffing levels also rose from 366 to 387 in the year. The company was also delivered a boost by record high malt sales values, which were driven by cereal and energy costs, which were seen across the whole UK malt market. The company said malt demand remained strong with distilling volumes increasing significantly, more than offsetting reduced brewing volumes. It added: “The malting division enters 2024 with raw material costs decreasing, malting barley usage normalising and healthy levels of forward malt sales. Although the highs of 2023 will not be repeated in 2024, the prospects for the malting division remains positive.” The rise in profits triggered record investment during 2023 with more than £20m ploughed into projects across the group. Projects to increase base malt and peated malt production at the company’s Tweed Valley Maltings in Berwick were completed in the third quarter of this year, while malt storage projects at both malting sites are set to be completed later this year. Planning permission for the company’s proposed maltings in Rothes, Moray, was granted in December 2023, and further investment is set to be made this year in preparation for future development. Speaking about the financial results for 2023, Simpsons Malt Ltd managing director Tim McCreath said: “We’re pleased to be able to report a strong set of financial results with turnover exceeding £300m for the first time, primarily as a result of record high malt and grain values. In 2024, we have healthy levels of malt sales and grain contracting for this year’s harvest progressed well. “Raw material costs have also decreased, as have market values and volatility in the merchanting division, so while the highs experienced in 2023 will not be repeated this year, prospects for both the malting and merchanting divisions remain positive.” The accounts also pay tribute to the company’s late chairman, Simon Simpson, and its late non-executive director, David McCreath, adding: “With over 132 years of collective experience, Simon and David will be fondly remembered for their vision, passion, and wisdom.

Manufacturing

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Manufacturing

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Manufacturing

Swizzels Matlow sees profits halve despite sales surge to nearly £100m

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Manufacturing

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Manufacturing

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Manufacturing

Rix Petroleum snaps up fellow Humber business in undisclosed deal

2025-05-04 09:31:30

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Manufacturing

Elon Musk's Tesla faces delivery shortfall, impacting stock prices

2025-05-04 09:31:30

Tesla's shares experienced a 5.4 per cent drop on Wednesday following the electric vehicle (EV) company's third quarter deliveries falling short of expectations. The firm, led by Elon Musk, dispatched 462,890 EVs in the three months leading up to 30 September, marking a 6.4 per cent increase from the previous quarter and the first rise in deliveries this year for the automaker, as reported by City AM. However, this figure fell short of the 466,000 EVs delivered during the same period last year and narrowly missed Wall Street's prediction of nearly 463,900, as reported by Bloomberg. In order to stay on course to achieve its target of two million vehicles delivered this year, Tesla required 585,000 deliveries in the third quarter. As such, a significant fourth quarter is now necessary to meet this goal. Despite grappling with sluggish demand and competition from Chinese competitors, the Texas-based company has managed to accelerate through insurance deals, zero-interest loans, subsidies in China, and free charging. Dan Ives, senior equity research analyst at Wedbush Securities, described the deliveries as "good and a step in the right direction," He added: "Overall, this is a clear improvement from the first half and we believe getting in the range of 1.8m for the year is still the key and important bogey,".

Manufacturing

Jones Village Bakery creating 50 new jobs on strong export growth

2025-05-04 09:31:30

Jones Village Bakery is creating 50 new jobs after landing new contracts in the Middle East and Australia. The Wrexham-based business said its exports are forecast to break the £10m barrier this year. Recent export deals include supplying gluten-free products to seven Gulf States in the Middle East. Earlier this year the company started shipping products to Australia where the company’s pancakes are being sold across the country. The bakery is also experiencing surging demand from Europe, particularly in France, Germany, Belgium and Holland. It is also supplying a worldwide network of around 200 M&S stores – as far afield as Hong Kong, Singapore and the Middle East – which are selling its crumpets, scones, pancakes, bagels, rolls, Welsh Cakes and pikelets. Read More : Wrexham cereal factory to become biggest in Europe on £75m investment Read More : PwC confirm major expansion with new Welsh HQ Commercial director Lesley Arnot said: “Our exports are doing really well for us and we are going from strength to strength in all the different countries that we’re dealing with and we’re adding a few more on the order book. We’re also enjoying success in the Middle East where we’ve launched across several different countries with two different retailers out there. I’m absolutely delighted with the way things are developing – and there’s much more to come as well. We have some really good foundations for expansion into other export markets.” Chief executive Robin Jones said: “Exports are really taking off and the team are doing an absolutely brilliant job, finding some great partners and distributors. Our target of increasing overseas sales to £10 million is very realistic with the way things are going in Australia, the Middle East and Europe. It’s really exciting. “We make really, really good quintessential British products and there’s clearly a growing appetite for them at home in the UK but also abroad “It’s wonderful to think you can buy Village Bakery products in so many places across the world, whether that’s Australia, Hong Kong, Singapore or across so much of mainland Europe. “This is all creating extra volume here so it feeds into sustaining existing jobs and creating new ones which all adds up to boosting the local economy here in Wrexham.” The company’s success with overseas sales has been recognised by the Welsh Government with a Welsh export champion validation.

Manufacturing

Bank of England printer De La Rue agrees to £300m breakup

2025-05-04 09:31:30

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