Fine Tubes, a world-leading manufacturer and distributor of precision tubes for critical applications, has announced an increase in turnover of 5.5% in its 2013 results.
In line with the company’s strategy for continued sales growth in all its key markets, including aerospace, nuclear, power generation and oil and gas, the results reflect the company’s success in reducing the risk of dependency on any one particular industry sector or geographical area.
During 2013, Fine Tubes also introduced a number of operational initiatives aimed at increasing its gross margin, including an optimisation of its plant and equipment utilisation, increased labour productivity and an overall review of its manufacturing processes. In addition, the company initiated several projects designed to improve its working capital management.
A renewed focus on the forecasting of inventory requirements and individual product lines held in stock enabled Fine Tubes to reduce its inventory over the year.
Fine Tubes managing director Ronen Day said: "Our latest financial results are clearly in line with our strategic focus on sustained growth in our key markets across the world.
"Together with a strong order book and plans to invest in new plant and machinery to better support our key customers, the outlook is a highly positive one."