Steeper Group has remained undeterred by the flooding of its manufacturing facilities two years ago and has pulled off record turnover thanks to growth in private markets and new NHS contracts.
The company, which serves both private markets and the NHS with orthotics and assistive technology, was hit badly in 2016 when a Boxing Day flood the previous year blunted its growth and led to a £216,000 loss.
But its most recent accounts, for the financial year ended 28 February 2018, show that an MBO in February 2017 that promised to drive growth is helping to deliver.
Steeper Group Holdings, the ultimate parent group, increased its revenues to over £40m and achieved an operating profit of nearly £5m, exceeding its original forecasts, which took into consideration the flood damage.
In its most recent accounts, Steeper Group said orthotic growth has been delivered through additional NHS contracts being awarded and that assistive technology is pursuing growth in the UK private sector markets while “maintaining key NHS relationships”.
The report added: “Margins within NHS contracts remain under pressure and we continue to work with our partners to help improve efficiencies further in this sector.”
Over the course of its last financial year, Steeper invested more than £300,000 in research and development, focusing on new upper limb prosthetic products.
The firm got itself back on track last year following the flood and aided by the sale of its prosthetics firm, Bebionic, to Ottobock, achieved a 15% boost in sales.
Members of the executive board, Paul Steeper, CEO and John Midgley, finance director, acquired Steeper Group from mid-market private equity firm, Dunedin in February 2017.
The company subsequently moved its HQ to a new facility in Leeds. It is now based at Unit 3 at Intermezzo Drive, where it has a state-of-the-art site.
Image credit: Steeper