The steam technology and pump specialists Spirax-Sarco saw revenue rising from £757.4 million to £998.7 million in 2017.

The Cheltenham-based company said this represented organic growth of six per cent with strong sales and a "robust" strategy.

The group, which employs around 1,000 people in Gloucestershire, reported adjusted operating profits of £235.5 million - an adjusted operating profit margin of 23.6 per cent.

Spirax-Sarco's chairman Bill Whiteley, who is stepping down in May, said: "My last full year as chairman was a successful and eventful one. In May we were delighted to welcome Gestra to the group. Gestra's market leading automated boiler controls and strong market position in Germany increases the market share of our Steam Specialties division, improves access to the German market and provides potential to grow Gestra's presence outside its core German market.

"Two months later, in July, electrical process heating and temperature management solutions provider, Chromalox, joined the group. Industrial electrical heating solutions are complementary to our steam business and Chromalox's direct sales business model, based around application selling, diverse customer base and broad market diversity, make it an ideal fit.

"Three other important milestones have also been reached. In 2017, group sales reached £1 billion, the Group's underlying trading margin, excluding acquisitions, exceeded 24% and the proposed dividend marks the 50th consecutive year of progress.

"The events of 2017 demonstrate that we are not content to let external circumstances dictate group performance and outcomes, but are actively engaged in engineering opportunities for sustainable growth."

Nicholas Anderson, Spirax-Sarco's chief executive, commenting on the results said: "I am very pleased with the results delivered in 2017, which again demonstrate the robustness of our strategy and strong direct sales business model.

"We achieved good organic growth and excluding currency and acquisition effects, maintained the organic margin."

Spirax-Sarco specialises in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies.

The world-beating steam management technology it produces is used in a variety of industrial processes from food to health care.