Profits leap at HARMAN technology
· Strong demand from USA
· New revenue streams planned
· Exciting technology developed
HARMAN technology Limited, manufacturer of the world famous ILFORD brand of black and white photographic products, has reported a significant growth in revenue and profits.
Sales increased to £23.6m from £22.6m in the year to 31 December 2011, with operating profits up to £2.2m from £1.9m the previous year.
The company says new products and improved operational efficiencies have driven profits up, and that this trend is set to continue into 2013 when further products and fresh income streams will be unveiled.
One example is the development of Silver Chloride compounds which can be used by companies making a new wave of anti-microbial products used in products from fridges to textiles such as socks that reduce foot odour and fungal growth in laminated furniture.
The mood at HARMAN was boosted even further recently with an announcement by the UK Technology Strategy Board that the company will receive part of a £240k grant to develop a disruptive technology for cell separation. The technique uses novel technology that HARMAN has created that will ultimately help in the fight against cancer.
Despite a global decline in demand for monochrome film and paper, HARMAN has seen growth in its ILFORD black and white division. Growth is mainly being driven by demand from North America which accounts for over 40 per cent of export sales.
Steven Brierley, Director of Sales and Marketing at HARMAN, said,
“Many of our competitors have reduced their offering significantly, while others have refocused their efforts on digital technology.
“We have stayed strong, certain in the knowledge that there is still demand for our products. Clearly, we’ve scooped up many of the sales opportunities left by those who’ve exited the market.
“More than anything, we continue to drive the business forward with new technological developments, new products and new income streams.
“We will continue to offer a diverse range of black & white film, and paper to ensure our customers have the breadth and depth of products they want.
“We have many things due to be launched in 2013 and are very excited about the future.”
Notes to editor:
· HARMAN technology Limited is based in Mobberley, Cheshire and employs 220 people.
· The company, initially formed in 1879, now includes ILFORD PHOTO which offers traditional monochrome photographic products; HARMAN PHOTO which provides high-end inkjet media for both colour and monochrome prints as well as display media such as HARMAN OPALJET; and the KENTMERE PHOTOGRAPHIC range of black and white film and paper.