Spectrum Technologies has announced record-breaking financial results for the fiscal year 2023-2024, with sales of £10.2M and profits of £1.4M.
Driven by the rapid recovery in the aerospace market post-COVID-19, the company reported record revenues of £10.2M to the end of March 2024, a near 50% increase from £6.9M in the previous fiscal year, and record profits before tax of £1.4M. The surge in sales is attributed to the robust demand for Spectrum’s leading-edge laser wire processing systems, with significant traction in the aerospace sector. Major manufacturers, including Boeing and SpaceX amongst others, have invested heavily in Spectrum’s Nova 800i high-end series, noted for its precision and reliability. At the same time, the company saw a significant upswing in sales of its entry level Nova 50-100i series, which has become a preferred solution for smaller manufacturing centres and aircraft Maintenance, Repair, and Overhaul (MRO) facilities worldwide.
At over 97%, export sales were pivotal in achieving these results, with North America leading the charge. Sales in the United States grew dramatically, reaching £6.6 million, an increase of over 55% compared to the prior year’s £4.2 million. Europe also contributed a robust £900,000, while sales in Asia climbed to £1.8 million, up from £1.5 million in FY23.
“Our record-breaking financial performance is a testament to the team’s dedication and the trust our customers place in Spectrum’s innovative solutions,” said Dr Peter Dickinson, Chairman of Spectrum Technologies.
“The post-pandemic resurgence in aerospace has provided a significant opportunity, and we’re proud to deliver advanced laser systems that meet the stringent demands of this dynamic industry. Looking ahead, Spectrum is on target to raise sales again by around 10%, surpassing £11 million in revenue by the end of the current fiscal year (March 31, 2025), further solidifying our industry leading position.”
