Sales at historic Hull manufacturer Ideal Boilers were up almost £30m last year, boosted by success in the exports market.
The business, which is headquartered in National Avenue in Hull, hit turnover of almost £290m in 2018 – up from £260.5m the previous year.
Ideal Boilers recently celebrated receiving two Queen’s Awards for Enterprise, for International Trade and Innovation, and unveiled .
Steve Hairsine, director at the firm’s owner Groupe Atlantic, said in recently-filed accounts: “Turnover for the year was £289.5m, an 11.1 per cent increase compared to the prior year.
“The increase is the result of good sales across core products, expansion of sales of extended ranges and sales into export markets.
“Staff numbers increased during the year due to the increased production and investment in customer services.”
Despite the turnover boost, operating profits at Ideal Boilers slipped slightly last year from £58.6m to £57.3m.
The company said an increase in raw material prices was to blame for the profit dip.
Ideal Boilers is one of Hull’s best-known manufacturers.
It announced recently exciting plans to export boilers manufactured in the city to the States for the first time.
Groupe Atlantic earlier this year reached an agreement to buy Belgian-headquartered heating firm ACV International, and it is that deal which has paved the way for the US expansion.
Mr Hairsine said: “Historically, we have been a fairly simple business…we had one type of product, produced in one location, and sold in one country.
“In reality though, we now have a much more complex business model. We have diversified in recent years, and have broken into new markets.
“We have found new opportunities to evolve existing products and sell them in new countries across Europe. We are now also entering the US, and this week was the first that products made in Hull have been delivered to the US for sale.”
During 2018, turnover at Ideal Boilers grew in all of its key locations.
UK-based sales soared from £248.2m in 2017 to £275.9m, with turnover in Ireland also up by almost £1m.
Outside of the UK – a sector which could soon be boosted by growth into the US – turnover was up from £5.3m to £5.7m.
Ideal Boilers currently employs over 800 people, and is well poised for future growth in the coming year.
In April, Ideal Boilers was one of just six companies in the country to receive two Queen’s Awards.
Ideal Boilers also collected a Queen’s Award for Enterprise in Innovation back in 2014, but the awards are only valid for five years.
It followed up on that success this year by receiving awards in both Innovation and International Trade.
