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This edition of Insider comes on the back of the…

Revenue and profit has increased at Northumberland-based Tharsus Group, which is behind advanced robotics and fabrication businesses, with the company now targeting "future significant growth".

The group is the parent company of advanced machines and robotics business Tharsus and complex sheet-metal fabrication specialist Universal Wolf.

In its recently filed accounts to 30 November 2021, group revenue increased by 11.6 per cent to £90.4m from £80.9m, which was driven by increased activity in Tharsus.

Pre-tax profit stood at £4.5m up from £4.4m, while group EBITDA also rose by 1.5 per cent to £5.1m.

The increase in Tharsus revenue, which jumped 11.8 per cent to £80m, offset a 4.3 per cent dip at Universal Wolf from £17m to £16.2m.

The report said that Universal Wolf specifically "endured many of the supply challenges that have manifested themselves as a result of the global Covid-19 pandemic during the financial year".

Increased material costs in particular have had an "adverse effect" on the business, although demand from customers has held up "extremely well".

In 2020, the business created its own social distancing device called Bump, in response to the Covid-19 pandemic.

The development and production marketing costs were fully expensed in 2020, and the absence of those expenses was an additional factor for the 2021 financial improvement.

Looking ahead, the group said that it has invested significantly in preparation for future significant growth.

Having completed a number of strategic machine development products, it said that it is now "well placed to win and deliver additional similar long-term contracts in the advanced machine and robots marketplace".

It continued: "At the same time there has been significant preparatory work in 2021 in relation to the groups own product development. The pace of development of own product is planned to increase in 2022."

Alice Bird, Digital Staff Writer T: 0161 907 9731 E: alice.bird@newsco.com

Tom Allport, Business Development Manager T: 07377 664841 E: tom.allport@newsco.com

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