Fine Tubes reports rise in 2013 turnover
- Business & Finance
Fine Tubes, a UK-based manufacturer and distributor of precision tubes for critical applications, today announced an increase in turnover of 5.5% in its 2013 results.
It said that in line with the company’s strategy for continued sales growth in all its key markets – Aerospace, Nuclear, Power Generation and Oil & Gas – the results reflect the company’s success in reducing the risk of dependency on any one particular industry sector or geographical area.
During 2013, Fine Tubes also introduced a number of operational initiatives aimed at increasing its gross margin, including an optimisation of its plant and equipment utilisation, increased labour productivity and an overall review of its manufacturing processes. In addition, the company initiated several projects designed to improve its working capital management.
A renewed focus on the forecasting of inventory requirements and individual product lines held in stock enabled Fine Tubes to reduce its Inventory over the year.
Ronen Day, Managing Director of Fine Tubes, commented: “Our latest financial results are clearly in line with our strategic focus on sustained growth in our key markets across the world. Together with a strong order book and plans to invest in new plant and machinery to better support our key customers, the outlook is a highly positive one.”
Fine Tubes last week received an order by FMC Technologies for the supply of advanced tubing for Total’s offshore Egina project in Nigeria. Located some 150km off the coast of Nigeria at a depth of up to 1750m, the Egina oil field is being developed by Total Upstream Nigeria Limited for whom FMC Technologies is providing all the subsea production systems.