United Kingdom-based lubricant manufacturer RS Clare & Co. reported a 32% jump in profit and a 25% increase in revenue for full-year 2022, according to financial statements filed with a U.K. government agency.
Headquartered in Liverpool, the company in August filed its full-year 2022 financial statement on Companies House agency’s website.
Net profit rose to £4.9 million (U.S. $6 million), improving from £3.7 million in 2021. Operating profit surged 38% to £5.6 million. The increases in profit occurred despite a 20% jump in cost of sales to £18 million.
Revenue last year increased to £26.7 million, compared to £21.2 million. “We developed and introduced several new products which were well received in the market and contributed significantly to our revenue growth,” the company said in its review of the business for 2022. “This, along with collaborating with strategic partners enabled us to expand our reach into new markets.”
Founded in 1748, RS Clare claims to be the longest established company manufacturing lubricants in the U.K. Its lubricants division makes grease to service niche markets for specialty products in rail, oil and gas, marine, steel and automotive industries globally. Its private label lubricants division manufactures conventional and nonconventional lubricants under customers’ own brands.
The company said it continued investment into new capital projects in its Liverpool facility last year, increasing production capacity and efficiencies.
Companies House is a U.K. executive agency, sponsored by the Department for Business and Trade. Among other services, the agency registers company information and makes it available to the public.