Merseyside precision engineering firm Lattimer group reports annual sales up 116% to £23.8m with profits also rocketing by almost 200%. Tony McDonough reports
Precision engineering firm Lattimer Group is reporting sales of £23.8m for the 12 months to March 31, 2023 – 116% up on the £11m reported last year.
Southport-based Lattimer, which manufactures and exports components for machines that make glass containers, also saw an almost 200% rise in pre-tax profits from £782,000 last year to more than £2.3m.
According to its annual accounts, just published on Companies House, the business also saw a significant increase in headcount during the 12-month period. Employees numbers went up from 105 to 181 in Southport and a base in the US.
This week Lattimer has announced it has secured a six-figure loan from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund.
It says it will use the extra cash, of which the exact value has not been disclosed, to support its continuing growth trajectory and expansion to meet “evolving demands”.
Lattimer says it is committed to continued investment and already boasts an on-site training academy and access to the latest CNC machine technology and facilities.
In August it completed the acquisition of German business Hartmann & Bender. That deal was worth just over £3m.
Its products sell in more than 70 countries across the world. Around 60% of its products are popular lines that sell over and over while the remaining 40% are either parts that need to be adapted or, in some cases, completely new products.
Speaking this week, Lattimer finance director Tony Hartman revealed the German acquisition now meant the company had operations in three separate countries, employed 220 people and was now worth £30m a year.
“This funding from NPIF & FW Capital is helping us to invest in the future of the business as we move forward following this significant period of growth, giving us the working capital we need,” he said.
“The team at FW Capital have been really helpful and are genuinely nice people who are interested in helping our business. Their support has come at a time when many banks didn’t want to know.”
READ MORE: Southport manufacturer wins £2m contract in Sudan
READ MORE: Wirral town secures £10.7m Levelling Up cash
According to the accounts the directors of Lattimer received remuneration, including salaries and pension payments, totalling £596,000 in the year to March 31. The highest paid director received £197,000. It also paid out £291,000 in dividends to shareholders.
FW Capital was introduced to Lattimer Group by Gerard Lucas from Dow Schofield Watts Corporate Finance.
Andy Traynor, senior investment executive at FW Capital, added: “This is a great opportunity to support a long-standing business within the NPIF region.
“The glass precision engineering sector demands innovation and excellence, so we’re delighted to help Lattimer Group access the working capital to invest further in their business and support this accelerated growth.”