Turnover has edged closer to the £80m-mark at contract research and development specialist Cambridge Consultants. The business has now embarked on a recruitment drive to add 150 staff to its workforce and is eyeing an expansion in the US.
Cambridge Consultants was founded in 1960 by graduates of the world-famous university Tim Eiloart, Rodney Dale and David Southward.
It specialises in the development of innovative products, technology consulting and the exploitation of intellectual property through licencing, and has operations in the UK, US, Asia and North Central Europe.
Newly filed accounts revealed the company turned over £79.9m in the year to 31 December 2018, up from £76m 12 months earlier.
Pre-tax profit also jumped past the £10m milestone to £11.1m, up from £8.1m in 2017.
In a statement accompanying the figures, Cambridge Consultants said the hike in revenue and profit was "largely attributable to new markets in Asia and growth in staff numbers".
Richard Hall, chief operations officer, hailed 2018 as "another record year with very significant sales growth and several noteworthy projects".
"These include our work with Catalog, to build the machine that will enable DNA data storage to scale, and the development of ‘Leap’, the tiny intravascular camera that allows a digital view into veins and arteries for the first time," he added.
During the period the company's workforce increased from 531 to 557 staff.
Cambridge Consultants' new 40,000 sq ft research and development facility at Cambridge Science Park has been in operation since the beginning of 2019. Hall said the investment "enables further growth" of its headcount.
He told Insider: "We’ve kick started a major recruitment campaign as we enter our next period of growth. We’re seeking to recruit 150 staff, including commercial leaders, scientists, engineers, designers and programme leaders.
"We’re also expanding our presence on the West Coast of the USA."