Silicone Engineering posts 38% rise in annual earnings
25 Aug 2023
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UK silicone manufacturing and formulation specialist upbeat about future market prospects
Blackburn, UK – Silicone Engineering Ltd (SEL), which was acquired by Rogers Corp in October 2021, has reported a 38% year-on-year rise in operating profit to £13.1 million (€15.3 million) for 2022, on sales 13% higher at £33.1 million.
Europe was Blackburn-based SEL’s largest sales region, representing around 46% of turnover last year, compared to around 32% in the UK, and 22% in the rest of the world.
However, employment at the company fell to 128 people from the prior-year 138: the production workforce number being reduced by 10 to 105 employees in 2022.
In its financial report, filed 2 June, the manufacturing and formulation specialist said the silicones industry “continues to expand at more than twice the rate of other flexible rubber or plastics [sectors].”
This trend, it added, is predicted to continue for the next 10-20 years, as industry transitions “from combustion engines to greener electrified technologies.”
SEL went on to highlight demand for silicone in sealing and other applications involving high temperatures and where protection is required for sensitive components within confined spaces.
These applications, it said, typically include electric vehicles, portable devices and electronic control panels and others “where human safety is mission-critical under extreme conditions.”
Going forward, SEL said its strategy includes broadening key customer relationships, exploring new revenue opportunities and “aligning products to scalable future OEM design programmes.”
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