Goldshield Group Plc, a company which has built up its business by buying existing products from larger companies, has more than doubled its profits in the past 12 months.
In the year to March 31, 2000, the company's profit rose from £5.6m to £9.4m, on a turnover of £52.6m. The previous year's turnover was £34.7m.
Announcing the results on June 20, Mr Ajit Patel (chairman and chief executive, Goldshield) said that the company was now making changes intended to change the company into a global one, rather than being predominantly a United Kingdom player.
During 1999-2000, sales in the UK and western Europe amounted to £49.5m, up 44 per cent in the previous year. Like for like growth was 30 per cent, with the remainder being accounted for by acquisition.
Mr Patel said that, to date, the company had not aimed at the US or Canadian markets, but that strategies and opportunities to change that would be evaluated during 2000.