Global textile manufacturer Camira Group has announced record results – and the arrival of a new financial investor into the award-winning business.
Camira, which was named a winner of the coveted Queen’s Award for Sustainable Development earlier this month, achieved its best-ever financial performance in 2014 – selling 8.2m metres of fabric to 68 countries worldwide and posting double digit growth in both turnover and profitability.
The firm, which has its HQ in Mirfield and a major manufacturing site at Meltham, saw annual turnover reach £68m in 2014 – up 12% on 2013. The improvement was fuelled by strong growth across the company’s contract, transport and healthcare divisions in the UK, Europe, Asia Pacific and North America.
Once again Camira sold more overseas than in the UK market, with exports now accounting for more than 60% and sales to its top 15 countries all increasing in value.
The firm’s largest export market is Germany, where its European HQ near Stuttgart brought in sales of £8.5m, up by 10% on 2013. Sales in North America reached £6.1m after the company moved its US base and distribution centre from Indianapolis to Grand Rapids, Michigan and opened its first American showroom in Chicago.
Asia Pacific continued to expand from the company’s Shanghai hub, with sales increasing in China, New Zealand and Australia.
The release of its annual results coincides with Camira’s completion of a financial re-organisation advised by KPMG Corporate Finance and supported by law firm DLA Piper.
This has resulted in the exit of Cavendish Square Partners after nine successful years extending back to 2006 when Camira was formed following a management buy-out from US flooring specialist Interface, Inc.
The existing senior management team retains a majority stake in the company and is targeting further international expansion with new investor Pricoa Capital Group, part of the Prudential Insurance Company of America.
Camira chairman and chief executive Steve Bullas said: “Pricoa Capital is a respected, global, blue-chip organisation and we’re delighted to be working with them as our long-term investment partner to support our ambitious growth prospects and capital expenditure in UK manufacturing.”
Allen Weaver, senior managing director of Pricoa, who now becomes non-executive director at Camira, said: “We’re thrilled to be working with this award winning UK textile manufacturer which has established sustained growth in turnover and profitability, as well as sector leadership in environmental innovation and corporate social responsibility.”
