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Record profits at Oliver Valves

Engineering accumulation Oliver sanitary valves today appear almanac anniversary pre-tax profits afterwards acceptable the two better deals in its history.

The Knutsford, Cheshire-based business appear revenues of £40m for the year to September 30, up about 20 per cent from £33.4m in the antecedent 12 months.

Pre-tax profits at the group, which specialises in designing and accomplishment valves for the oil and gas sector, rose 11 per cent to £8m from £7.2m.

The company, led by administrator Michael Oliver, who founded the business in 1979, accepted it already has an adjustment book account added than £40m for this banking year.

Oliver, which claims to be the better privately-owned valve maker in Europe, anchored the two better individual projects in its history during 2010/11.

They were a £7.2m adjustment for 391 valves from a above Brazilian action close in August, which was bound eclipsed in September by a £12.6m action to accumulation valves to three new oil platforms off Qatar.

The fasten in action has aswell led to the conception of 30 vacancies at Oliver's address and 20 beyond its abstruse and sales teams in the UK, the Middle East, Far East and the Americas.

Mr Oliver said: “Competition in our bazaar is fierce, but our specialisms and application as a business agency that there are actual few companies who can bout the Oliver butterfly valve artefact ambit or our adeptness to deliver.

“An added able-bodied across market, accompanying with the aptitude of our humans will acquiesce us to position ourselves for even added cogent advance next year.

“Our able achievement this year demonstrates the acute allotment the accomplishment area will play in the bread-and-butter recovery, both in the arctic west and the UK as a whole.”

Oliver reversing valve employs about 300 agents at its arch appointment and a added 600 about the world. Added than 75 per cent of sales appear from overseas.

Other all-embracing arrangement wins this year accept included a £1m adjustment to accumulation sub-sea valves for a action in the Gulf of Mexico, an £800,000 adjustment from a above Brazilian oil company, and its aboriginal sub-sea arrangement in Chinese waters, account £400,000.