Tharsus Group, the parent company of advanced machines and robotics firm Tharsus and complex sheet-metal fabrication leaders Universal Wolf, has published details of its annual results for the latest financial year (2019).

The Northumberland-based Group recorded a continued increase in revenue over the course of 2019, with income rising 14% to £58.3 million from £51.12 million in 2018. Post-tax profit increased significantly by 153% to £2.6 million from £1.01 million the previous year.

Founded in 1964, Tharsus has evolved into a leader in UK robotics, with a track record of delivering progressive, robust and innovative technology solutions to companies such as DHL, Automata and Small Robot Co.

The Group’s growth mirrors the increased demand for technology to solve strategic automation challenges and create new business opportunities.

Effective working capital management across inventory and receivables has generated significant net cash for the Group (£6.35 million), providing strong foundations for continued growth throughout 2020. These strong financial results have provided the business with the buoyancy and resilience to maintain operations and continue to innovate during the Covid-19 pandemic.

This included the launch of Bump in May 2020, a new personal motion system designed for controlled environments that helps change and improve social distancing behaviour immediately and long-term. 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.

In June 2020, the business announced an extension of its partnership with Ocado Group, the world’s leading online grocery platform. The new agreement builds on an existing seven-year relationship and lasts until September 2024, as Tharsus continues to support Ocado’s efforts to revolutionise the global grocery market through its unique and proprietary Ocado Smart Platform. This multi-million-pound investment in Northumberland has also helped secure over 100 jobs across the UK, including jobs in the North East region.

Significant business wins for Universal Wolf in 2019 included new agreements with innovative compressor tech specialist Lontra, unmanned security kit developer Protector Group, and Dennis Eagle, the world leader in the design and manufacture of refuse collection vehicles.

Gerard Murray, Chief Financial Officer of Tharsus Group, said: “We’ve enjoyed another year of strong growth and the 153% 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’.”