Livingston electronics firm CB Technology aims to more than double its turnover to £25 million by 2025 as it targets acquisitions.

The Maven Capital Partners-backed company today reports that revenue grew by 31% in the year to March 31, to £10.67 million. Profits were by 64% to £1.35 million.

It says it has reaped the rewards of increasing headcount from 47 to 71 in two years and investing in more efficient production methods, including cellular, flow and lean manufacturing techniques.

The firm was founded in 1999 and once serve mainly oil & gas clients, specialising in electronic monitors and other technology that was robust enough to be used in subsea drilling. It now serves diverse sectors and has partnered with other manufacturers on the development of medical instruments and data transfer and storage technology for telecoms.

Turnover has more than trebled since 2015 when Glasgow private equity house Maven backed a management buy-in. CB, which was founded in 1999, is now the largest independent EMS (electronics manufacturing services) business in Scotland.

Managing director John Cameron, who led the MBI, said: “There’s a huge amount of hard work across the company that goes into producing financial results like these and I’m incredibly proud of our team. While other companies in our sector are growing in single digits or struggling to grow at all, our business has grown by more than 30% in each of the past three years.

“That’s thanks to our focus on working in partnership with our customers to fulfil their needs and responding to changes in their sectors.

“It’s also due to our high-quality operational, technical and supply chain staff and to our world-class management team. We’re the world leader when it comes to downhole electronics and we’ve been successfully translating that expertise into other sectors in recent years.”

CB Technology has retained all its staff and temporary workers during the coronavirus lockdown and continued to pay 100% of their wages. As a key supplier to UK companies operating the critical infrastructure and medical sectors, CB Technology is aiming to play a key role in the UK’s economic recovery.

Cameron added: “Having the backing of Maven gives us the firm financial foundations not simply to survive the coronavirus storm but to continue to grow in the years ahead.

“We have the expertise and the capacity to help original equipment manufacturers (OEMs) and our other customers navigate their way through the months ahead too.

“Our know-how and financial strength mean we will continue to be a reliable and trusted partner within our clients’ supply chains and play our part in helping to rebuild the wider economy.

“We have both the speed and the flexibility that our customers need to recover and reshape their business, and also to capitalise on opportunities that arise during the recession and beyond.”