Cleveland Biotech (UK) believes the predicted growth in profits is due to stricter environmental legislation guidelines, which have forced companies to take out ‘insurance’ policies against potential health and safety incidents.
The company - which produces bacterial-based products that breaks down fat and grease - researches, tests and manufacturers its own products at its North east site in England where it has been based since 1992.
The company has implemented several strategic changes in the past year, including expanding and streamlining many of its manufacturing processes.
Ben Hoskyns, managing director, said: “The success we have had is down to two key drivers; firstly changes made to the way we work have made us more efficient, secondly legislative requirements.
“More companies now have to sit up and be accountable and as a result need products such as the ones our company produces. By law certain businesses, such as commercial kitchens or catering companies, have to show the authorities they have a way of dealing with the fat they inadvertently produce.
“Businesses which do not comply can face large fines and in some instances a jail sentence.”
The company works with a wide range of businesses, such as supermarkets, commercial kitchens, large schools and colleges, pub chains and oil refinery companies.