A North East battery maker is targeting revenues of £100m in the next few years after returning to growth in its latest accounts.
Peterlee-based Alexander Battery Technologies (ABT), which specialises in customised rechargeable batteries for industries from medical devices to robotics, has released accounts for 2023 in which turnover rose from £14.1m to £17.9m. Operating profit also rose from £62,000 in 2022 to £1.7m last year.
The accounts mark a return to profit after two years of sales decline from a high point of £46m in 2020, due to unusually heightened demand during the Covid pandemic. The company said the performance was in line with its five-year plan, which envisages significant growth in both headcount and revenues, as well as plans to open a site in Europe.
Read more: jobs at risk in pharma firm’s restructuring
Go here for more North East business news
The company said investment in infrastructure had born fruit, but that uncertainly over shipping times for components remained a concern for the business.
Headcount at the firm remained broadly flat at just under 100, but the company has recently announced plans to create 250 new jobs over the next five years.
CEO Mark Rutherford said: “We are pleased to report that Alexander Battery Technologies has continued to perform exceptionally well since the close of the last fiscal year, aligning with our five-year growth strategy.
“Our turnover rose to £18m in 2023, reflecting a robust 30% growth, as we celebrate our 40th anniversary. The growth sets a firm foundation for our target of achieving £100m annual sales in the next four years.
“Our strategy includes a significant focus on expanding our global footprint while enhancing service capabilities in existing markets.
“Currently, 50% of our sales originate from the US and 47% from Europe.
“We are focused on deepening our market penetration across the EU and the UK, and we plan to open a new manufacturing operation in Europe later this year to better serve these regions. The industries and customers we serve are as diverse as the geographies, with substantial advancements and client acquisitions in sectors such as e-Mobility, where we recently commenced a project for an eMotorbike battery pack, and the military sector with a large-scale unmanned support vehicle battery project.
“Our clients value not only our cutting-edge technology and customisation capabilities but also our commitment to quality and innovation, which is evident in our new Battery Technology Centre in the UK.
“The centre underlines our investment to leading the industry standards in battery development, with state-of-the-art testing facilities and increased production space ensuring we meet the growing demands of our global clients efficiently and effectively.”
Story Saved
You can find this story in My Bookmarks.Or by navigating to the user icon in the top right.