Liverpool city region advanced manufacturer Isotech – whose customers include space agency NASA – sees annual profits more than double. Tony McDonough reports
Specialist Merseyside manufacturer of temperature monitoring equipment Isotech sees annual pre-tax profits almost double as its directors’ “strategic vision” pays off.
Southport-based Isotech employs more than 50 people. It is an advanced manufacturer of temperature calibration systems. In simple terms its products can monitor temperatures to an extremely high degree of accuracy.
This level of temperature measurement is critical in scientific laboratories and in other business sectors. Around 80% of its products are exported overseas to more than 125 countries. Customers include US space agency NASA.
Isotech has just filed its annual accounts on Companies House covering the 12 months to March 31, 2024. They reveal revenues of just under £6.6m, around £1m higher than the previous year.
Pre-tax profits totalled £928,599 which is almost double the figure reported in 2023. Majority shareholder Fay Tavener and other directors shared dividends of £300,000.
Writing in the annual report, director Irene Tavener said: “The company’s ongoing commitment to research and development of new products, along with the continued success of established product ranges, has yielded significant progress.
“These factors are clearly reflected in a 16% increase in turnover and an 89% surge in operating profits (£889,389) from the previous year, along with a notable 5.2% rise in the operating profit margin.
“These achievements underscore the effectiveness of the directors’ long-term strategic vision, demonstrating that the focus on innovation, investment and efficiency is not only driving revenue growth but also enhancing overall profitability.”
Isotech carries out all its own manufacturing as well as research and development in on-site laboratories in Southport.
Its biggest customer base is laboratories, both in the UK and around the world, and it also makes products for other uses. This could be anything from a furnace to a supermarket fridge cabinet – anywhere precise temperature monitoring is critical.
Isotech was founded in Southport by John Tavener in 1980. He set about to design and build his own products from his small, purpose-built laboratory. Mr Tavener died in 2020.
Irene said that during the fiscal year Isotech had continued to focus on R&D, collaborating with academic institutions and industry experts. This, along with investment in staff and resources, had led to further new product launches.
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“The company maintains a robust financial position, with ample liquid assets (cash balance of £3.8m at year end) to meet its operational needs and financial obligations,” she added.
“Backed up by a substantial head of orders and promising new opportunities, we anticipate sustained positive operating profits in the upcoming period.”