Profits at an East Yorkshire industrial laser manufacturer rose in 2018, despite a challenging export market.
Luxinar, then known as Rofin-Sinar, makes carbon dioxide lasers which can be used for industrial cutting, welding, drilling and marking.
The Hessle-based firm enjoyed a strong 2018, as profit after tax soared from £6.6m in 2017 to £8.5m last year.
Turnover was also up from £31.3m to £39.8m, as the company looks to continue its impressive growth path.
Rofin-Sinar , as it embarks on a new chapter of its 20-year history.
Directors at Luxinar said: “The group has achieved excellent results in 2018 despite a challenging export market with revenue and profit increasingly significantly.
“Turnover increased from £31.3m to a record high of £39.8m. Profit after tax also posted on all-time high record, increasing from £6.6m to £8.5m.
“We continue to allocate significant research and development expenditure to strengthen our competitive technological edge and attract government grants in recognition and support of our developments.”
Luxinar currently employs more than 180 people, and is based at the Bridgehead Business Park.
During 2018, the manufacturer saw growth in each of its regions across the world.
Sales in Europe passed the £30m mark – up from £22.5m in 2017 – as North American turnover rose to £1.2m.
In Asia, sales fell just short of £7m, as they rose from £6.7m to £6.9m.
Directors said: “New products continue to be developed for both existing and developing markets.
“Production efficiencies have been gained and new initiatives for process and efficiency improvements are constantly being developed.
“The group continues to drive forward its initiatives in manufacturing.”
The company’s rebrand came into effect on June 25.
The move will allow Luxinar to further strengthen its portfolio of market-leading lasers, as well as maintain the company’s growth which has gone from strength to strength in recent years.
Rofin-Sinar was originally founded in 1998. Today, its lasers are used in the automotive, aerospace, packing and electronics industries.
Klaus Leitner, managing director, said: “This is a really exciting time for our company as we move into our next chapter, building on our proud heritage to drive further innovation in the laser industry as a proudly independent business.
“While our name has changed, the core of our business remains the same. Our products are some of the most technologically sophisticated in the world, and they exist because of the people at the heart of Luxinar.
“With that foundation, we are continuing to pioneer cutting-edge laser technology, helping our customers across the world to sharpen their competitive edge.”
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