Industry manufacturer, Platinum Stairlifts, is reaping the rewards of its acquisition and management reshuffle earlier this year after increasing sales more than 20% to over £19m.
The Yorkshire stairlift supplier was backed by private equity firm NorthEdge Capital in February and it has used the capital investment to develop new products for its dealer network and scale up its operational platform.
Platinum spent nearly £240,000 on research and development projects in the year ended 31 March 2018, which included developing new products and enhancing existing equipment.
The company has undergone major restructuring throughout the year, appointing five new directors to its board. It also grew its staff base to a total of 123 employees with the largest growth in its production and distribution teams.
According to Platinum’s annual report, EBITDA increased to £4.7m while operating profits dipped from nearly £3m to just over £1.5m.
The company’s report said that the markets it operates in are experiencing “strong growth”, reinforced by ageing populations and an “emphasis on social care”.
“Following the acquisition of Platinum Stairlifts the company has established a capable management team with experience of developing and growing manufacturing businesses.
“The company expects to be investing significantly in the infrastructure of the company to provide a robust and scalable platform to support future growth.”
Platinum Stairlifts distributes to more than 40 countries worldwide, including France, Germany, the Netherlands and USA, through its dealer network. The company, led by founder Tim Frear, has increased revenue by more than 20% year-on-year since 2012.
Recently, its chief financial officer, Marcus Green, won a regional business award at the Yorkshire Finance Leaders Awards, which played host to some of the biggest players in Yorkshire with the likes of Costcutter, Burberry and Plusnet in the mix.
Green won the Finance Leader in a Private Equity Backed Company category. His introduction to the award read: “A confident and sophisticated CFO whose ability to lead and get people around him to follow is exceptional.”
Platinum described the award as a “great start to our partnership with NorthEdge Capital”.
Green added: “To be recognised by peers and fellow professionals is hugely flattering and I am delighted to have won the Yorkshire Finance Leaders award.”