World-leading engineering skills hidden away within the Forest of Dean have propelled a specialist firm through the £100 million turnover barrier.

In the markets where pumps on a simply mammoth scale are the order of the day SPP Pumps, which employs nearly 150 staff at its Coleford base, is a sought after brand.

Impacted like many other by the ebbs and flows of the oil and gas market the firm has remained not just afloat, but is positively buoyant about the year ahead.

"The group has delivered on expectation a significant milestone with turnover at £101.1 million for the year and returning to profitability.

"Gross margin has increased from 17.7 per cent to 19.8 per cent and the signs are encouraging for 2020, with a strong order book and contracts what will deliver good levels of profit. Overheads and distribution costs have been tightly," said the annual report to the end of December 31, signed by Amit Naniwadekar, company secretary.

More good news in the report is that "Kirloskar Brothers Limited, the group's ultimate parent company continues to offer strong support. This will also allow SPP to take better advantage of its global strength".

"The balance sheet remains strong with net current assets up 50 per cent to £12.5 million and cash of £2.6 million at the year end.

The firm also took on an extra £4 million of loans by way of investment in the firm.

"The outlook for the group is very encouraging. The strong order book, good control of costs and focus on customer service and delivery affords the board confidence for the coming year."

"Approximately 84 per cent of the group's sales are from outside the UK and from where many key components are sourced with a significant proportion denominated in US dollars. Foreign exchange movements are on ongoing risk.

"The group minimises this risk by hedging foreign currency transactions through forward contracts matched to specific orders."

The report added: The challenges in the global economy have inevitably increased the credit risk to the group. SPP controls its credit exposure carefully and does not anticipate any material impact on its financial performance as a result.

"The majority of customers in the sectors in which the group operates are financially robust and this, together with the group's own credit risk controls have meant that the group has not suffered any significant issues."