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Manufacturer of industrial radiographic consumables

Reference
S12403
Turnover
£1m to £2m
Sector(s)
Construction, Engineering, Manufacturing
Region(s)
North East England, UK Wide, Outside UK
Added
21 March 2025

Business description

Project Ray is a manufacturer of a niche radiographic product servicing the NDA industry. Over 75% of its sales are export, with a significant proportion to the Middle East and India. This is an industry recognised brand with a manufacturing facility in the North East of England.

The company has a track record of profitability, having never made a loss in its 30 years of operation. This, despite having no BDM or sales team and with no product marketing.

The company has an unincumbered asset base with a significant level of specialist manufacturing equipment.

It's name and brand are trademarked and do appear on tender documents across the globe. The company has a blue chip customers ranging across many industries including petrochemical, nuclear, armaments, aviation, construction and public health.

Highlights

  • Manufacturer of niche consumable product
  • Servicing the NDT industry across the globe
  • 100% B2B sales
  • Sticky, repeat, blue chip customer base
  • Globally located product resellers
  • No debt on the balance sheet and highly cash generative
  • Recession proof market with high barriers to entry
  • Trademarked brand 
  • Named product on global tenders
  • North East of England
  • Significant expansion opportunities

Financials

Turnover (£'000) Adjusted EBITDA (£'000)
2022 (Actual) 1,133 368
2023 (Actual) 1,273 425
2024 (Actual) 1,320 470
2025 (Forecast) 1,388 551
2026 (Forecast) 1,457 560

FY25 includes 10 month actuals and 2 month forecast. 

Opportunities

  • Expansion into the USA, Canada and Brazil
  • Investing in the current website / Google spend
  • Marketing and advertising
  • Expansion into additional space in current premises

Prospective purchasers

  • Trade buyers
  • Private equity
  • Buy and build

Reason for sale

  • Retirement of current owners

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