Tool supplier Cromwell Group, of Wigston, sees profits soar by 50%

An industrial tool supplier has increased annual profits by 50 per cent.

Cromwell Group, which has its headquarters in Wigston, said turnover rose by more than £35 million to almost £260 million in the year it was awarded a Royal Warrant.

The group saw turnover climb by 16 per cent in the year to August 31, 2012 – the latest figures available.

Profit after tax grew from £11.4 million to £16.9 million over the same period.

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The group supplies industrial products, equipment and packaging to a range of sectors, including engineering, manufacturing, food processing and construction.

It delivers its products to more than 50 branches across the UK employing almost 2,000 staff, and recently opened new branches in Dorset, Liverpool and Edinburgh. It also supplies overseas markets including Australia, China, India and South Africa.

UK revenue rose from £195.6 million to £216.9 million, while Europe, Africa, Australia and the Asia Pacific region all contributed increased figures, up from £10.6 million to £17.1 million.

The company was awarded a Royal Warrant in January 2012 as "purveyor of industrial supplies to Her Majesty the Queen".