North East electrical testing equipment maker Seaward has reported a 20.6% rise in turnover to £19.8m and a rise in operating profit despite what it described as a challenging year.
The global exporter of kit used in hospitals, by electrical installers and in the solar industry said 2021 had brought revenue growth beyond the board's expectations. At the same time margins were impacted by increasing component prices and the firm noted increased shipping costs and lead times within its supply chain.
Operating profit increased to £4.2m from £3.3m as Seaward, which is part of the German-owned GMC Instruments Group, described a complex picture across its global market in the wake of Covid restrictions. As well as its North East base, the firm runs a Tampa Florida office and the latest accounts showed the majority of turnover was derived in the UK at £10.1m, with Europe and the rest of world following at £5.1m and £4.5m respectively.
