October 25 2014 Latest news:
By BEN WOODS Energy Writer
Wednesday, March 20, 2013
A Norfolk-based energy firm has sealed more than £2m in overseas contracts as it drives forward with an “aggressive growth strategy” that could nearly double its workforce and establish a purpose-built hub in the county.
Vulcanic UK has made fresh inroads into the Middle East by securing a £750,000 contract to supply its equipment to Iraq’s Az Zubair oil fields West of Basra.
It comes after a spate of deals for the company, which include a £1m contact at a pertrochemical plant in Singapore, a £100,000 contract supplying equipment to the offshore energy industry in India, and a £250,000 contract to supply energy companies based in Kazakhstan.
Chris Kettlety, international sales manager, said the firm, which creates industrial heating and cooling systems for the energy sector, was on course to boost its turnover from 5 million euros (£4,277,920) to an excess of 7 million euros (£5,989,088) this year, as the company rolls out what he describes as an “aggressive growth strategy”.
And as part of that plan, he is looking to add a further five or 10 staff to the 12-strong team based at South Green Enterprise Centre in Mattishall – a move which could spur the firm into creating a new Norfolk hub.
Mr Kettlety, who declined to name the companies behind the new contracts for commercial reasons, said: “All of our business is to emerging markets in South East Asia, Middle East, China and Russia. We currently do less than 1pc of our business in the UK, but we will in time. We are seeing a greater demand for our products across the globe. We do 70pc of our business in South East Asia , 20pc in Middle East and North Africa.
“The growth strategy for us going forward will include acquisitions, but for now it is all about having the right people in business by going out there, and getting the right contracts in the right part of the world. We have been continually growing and this year we are targeting a turnover of 7 million euros.”
“We are looking at hiring and additional five to 10 people in Mattishall from project management to engineering this year.
“There is a great deal of energy excellence and talent in the region. We may manufacture in Northern Spain, which allows us to compete on a global basis, but Norfolk is the focal point for our engineering.”
“At the moment our infrastructure means we tend to do business in South East Asia and the Middle East, but we want to look at areas such as Scandinavia and South America.
“And we want to work on our own doorstep as well, but at the moment that level of business is not the same as the areas we are currently enjoying.
He added: “We will have to take additional office space at Mattishall in the future, but may have to look to relocate to a purpose-built facility in the next 18 months that would keep us in Norfolk.”
Vulcanic UK is part of a wider European Vulcanic group, which employs 500 people and has a turnover of 68 million euros (£ 58,179,712) with operations in France, Belgium, Germany and Spain.
A £2m plan to transform Palmers department store in Dereham and a neighbouring eyesore into an upmarket supermarket and clothing shop has been confirmed.