ProtEx looks to expand
A FASTGROWING engineering firm has pledged its future to Tees Valley after achieving "better than expected" annual results and planning three acquisitions in three years.
Stokesley-based ProtEx Group announced a 28% rise in turnover to £2.3m in the year to September 30 and said an £8m target within three years was "not unrealistic", even in the current downturn.
The company, which relocated to larger premises in Stokesley last month, is already eyeing up one potential target as it looks to expand rapidly from its Tees Valley base.
Managing director Derek Green said: "We’re committed to the North-east. The region has good quality people and excellent transport links.
"People like to run manufacturing down but the North-east is better placed than other areas to profit from the current climate."
The pound’s fall against the US dollar and the euro has meant good news for exporters, and ProtEx said a "continued focus" on international markets had driven recent growth.
"We’re more competitive abroad than we’ve ever been", said Mr Green.
"We have zero borrrowings and liquid funds. That puts us in quite a unique position."
In 2000 Mr Green formed ProtEx with fellow director Peter Wem to provide design and engineering services to the international oil, gas and petrochemical industries.
The group - which comprises ProtEx (UK) Ltd, Cietech Ltd, Comech (UK) Ltd and Enterprise Recruitment (UK) Ltd - has expanded rapidly and last year was named as one of the UK’s top 20 fastest-growing firms in its sector by business analyst Plimsoll.
Now ProtEx, which puts its success down to "sound financial management", is planning further investment in high-value modelling software and system analysis equipment which can boost the efficiency of large-scale energy capture projects.
The company is currently working on a groundbreaking project that could revolutionise the distribution of electrical energy from deep-water fields.
ProtEx is hoping the project could open up other opportunities - both locally and internationally - for the extraction of vital energy reserves to complement existing renewable energy sources such as wind and tidal power.
The company is conducting a study to explore the feasibility of large-scale under-sea power distribution at a water depth of more than 2,200m.
The next stage of the project could see the implementation of an infrastructure - including gas compression facilities on the sea bed - which could be used as a model for the distribution of energy from other deep-water fields around the world.
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