Permali has announces impressive 2019/20 year-end results despite the pandemic headwinds. The company, which manufactures advanced composites for use in challenging conditions, has forged ahead with double-digit revenue and profit growth, a raft of new strategic capital investments and recruitment drive at a time when sector rivals are retrenching.
Permali
Permali announces strong FY 2020 results
Key financial highlights include a revenue growth of 13.5% to over £13m (~€14m); an operating profit increase to £1.2m; cash reserves of £5.4m; and a net asset value of over £7.7m, up 54% YoY.
Growth has been driven by a succession of significant business wins in the defence and medical sectors, reflecting expertise in manufacturing materials for specialists in high-stress environments. The strategic decision to focus on these sectors helped offset a small reduction in demand from the aerospace sector, caused by the pandemic.
Reflecting this financial success, strong balance sheet and order pipeline, the company has not used the UK government CV-19 support schemes, only temporarily deferring a VAT payment. Moreover, the company has increased its hiring plans and brought renewed focus on staff development.
This year Permali has converted over 20 temporary employees to permanent, and recruited six new apprentices to assist in long-term skills retention and employee development – all without furloughing staff at any point.
MD Karl Wharton said: “We are delighted by our success in such a difficult year for the manufacturing sector, and the wider economy. We are extremely grateful to our loyal and highly experienced employees who have been the driving force behind our achievements, and we are delighted to be able to continue to invest in our team, our facilities and our capabilities to take advantage of new growth opportunities. We sell advanced material solutions delivered by experts for experts to use in challenging environments. We believe we are only at the start of a period of rapid and sustainable business growth.”