£25m goal for Livingston firm

Livingston-based electronic manufacturing services company CB Technology has unveiled ambitious growth plans as it looks to more than double its present turnover to £25 million.

The goal came as the firm reported a 31 per cent hike in revenues in the year to 31 March, to just under £10.7m, with profits jumping 64 per cent to £1.35m.

CB said it had reaped the rewards of growing its headcount from 47 in 2018 to 71 at present, and introducing more efficient production methods. Turnover has more than trebled since 2015 when

Maven Capital Partners, the Glasgow-based private equity house, backed a management buy-in.

The company was founded in 1999 and has over the years diversified its client base beyond the oil and gas industry into the communications, industrial and medical sectors.

Managing director John Cameron, who led the management buy-in, said: “There’s a huge amount of hard work across the company that goes into producing financial results like these and I’m incredibly proud of our team.

“While other companies in our sector are growing in single digits or struggling to grow at all, our business has grown by more than 30 per cent in each of the past three years.

“That’s thanks to our focus on working in partnership with our customers to fulfil their needs and responding to changes in their sectors.

“It’s also due to our highquality operational, technical and supply chain staff and to our world-class management team.”

CB Technology has retained all its staff, including temporary workers, during lockdown and has continued to pay 100 per cent of their wages.

Cameron added: “Having the backing of Maven gives us the firm financial foundations not simply to survive the coronavirus storm but to continue to grow in the years ahead.”