- AES was founded in 1979 by entrepreneur Chris Rea
An engineering firm that made seals for the Thames Barrier has announced record profits after a big investment in its ‘factory of the future’.
Founded in 1979 by entrepreneur Chris Rea, AES employs 2,000 staff in 43 countries, with its sealing devices found in pumps used in sectors such as petrochemicals, pharmaceuticals and pulp and paper.
Recently filed accounts show pre-tax profit leapt to £56million in 2023 from £48million in 2022 while turnover was up £26million at £260million.
Success story: AES Engineering employs 2,000 staff in 43 countries
This was despite capital spending of £31million, including a factory at its HQ in Rotherham, South Yorkshire to improve automation and productivity.
‘My new factory is my yacht and the machines inside it are my Ferraris,’ Rea told The Mail on Sunday.
‘We’ve taken every unnecessary human intervention out of the process.’
Rea calls AES a ‘reliability company’ that helps firms save energy and water, and operate more cleanly and profitably.
‘Our business model relies on us making things work longer, which is completely disruptive in our industry,’ Rea said. ‘There is no piece of equipment in the world that we can’t help make more reliable.’
Rea, 70, shared a £12million dividend with minority owner 3i, which has backed AES since 1996, making it the buyout’s group’s oldest investment.
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