July 3, 2020 @ 15:11 by Richard Dawson
North East advanced machines and robotics firm, Tharsus Group, has announced strong increases in turnover and profitability in its annual results for the financial year 2019/20.
The group, which comprises Tharsus and Universal Wolf, recorded a 14 per cent increase in income to £58.3 million from £51.12 million in 2018.
Post-tax profits more than doubled from £1.01 million to £2.6 million over the same period – a 153 per cent increase year-on-year.
Tharsus’ growth mirrors the increased demand for technology to solve strategic automation challenges and create new business opportunities.
Founded in 1964, Tharsus Group has delivered technology solutions to companies such as DHL, Automata and Small Robot Co.
It also has a multi-million pound partnership with online grocery retailer, Ocado Group.
The company’s strong financial results have provided buoyancy and resilience to maintain operations during the COVID-19 pandemic.
This includes the launch of Bump in May this year – a new personal motion system for controlled environments that helps change and improve social distancing behaviour.
The system helps employees make safer decisions in the workplace, putting them in control of their environment and helping organisations create safer movement flows and identify risks.
Gerard Murray, chief financial officer of Tharsus Group, said: “We’ve enjoyed another year of strong growth and the 153 per cent increase in profit reflects both the growing demand for our solutions and the ability of our team to deliver.
“We have built a successful business model, which has stood firm throughout the COVID-19 pandemic, and there are now significant opportunities for further growth over the next few years.
“Our progress in 2019 is a clear testament to the success we’ve had in translating promising R&D projects into commercially successful products for high-growth markets.
“We will continue to invest heavily in growth, to expand our global network of partners, and to focus on our mission to ‘do the right thing’.”