The maker of Plymouth’s famous Trunki ride-on suitcase has seen profits rise and sales hit a record £9.5million thanks to strong demand in Europe and even further.
The company increased profits by 51% to £777,000 and made further gains across the continent according to its latest set of accounts.
Magmatic, founded in 2006 by entrepreneur Rob Law, is headquartered in Bristol but manufactures its famous and pioneering Trunki children’s cases in its factory at Burrington Way, Honicknowle, where about 80 people work.
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The firm after Magmatic bought Inject Plastics Ltd out of administration in 2012.
Magmatic’s EBITDA (earnings before interest, tax, depreciation and amortization) of £777,000 for the year to the end of 2018 was up from a profit of £517,000 for 2017, and a huge turnaround from the loss of £110,000 in 2016.
Total Magmatic sales rose to a record £9.5milion, up from 2017’s 9.3million.
Magmatic saw continued growth across the European Union, up 22%, with particularly strong performances in France (up 27%) and Germany (up 15%).
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It also entered new markets including Ukraine and Israel, with international sales now representing 63% (2017: 57%) of the business. The products are now sold in about 100 countries.
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Backed since 2013 by the Business Growth Fund, Trunki’s suitcases and other ranges of innovative travel products are sold in leading 海角视频 retailers such as John Lewis and Partners, Amazon, Argos, Boots and Halfords.
A fifth of all three to six-year-olds in Britain own the flagship Trunki suitcase, the company said.
The Trunki has become a worldwide hit since Mr Law, its inventor, appeared on Dragon’s Den, when he turned down a proposed £100,000 investment in order to retain control of the business.
Mr Law, chief executive of Magmatic, said: ‘We’re very pleased with our performance this year. We continue to make great strides in Europe, helped in no small part by our decision to buy our Plymouth factory in 2012 in order to manufacture many of our products in the 海角视频.
“This has optimised our supply chain and made us even more nimble and responsive to the challenges of a fast-changing market. We’ve exciting plans ahead and look forward to bringing the Trunki experience to children everywhere.’
Magmatic’s sales have been hampered by copycat versions of the Trunki, often manufactured in Asia.
In 2013, Magmatic initially won a High Court judgement against consumer product importer and distributor PMS International. It successfully argued the design of Trunki was infringed by PMS’ Hong Kong-made Kiddee Case. But this decision was later reversed by the Court of Appeal.
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Magmatic challenged this judgement but the Supreme Court dismissed this appeal in March 2016. Mr Law described the court’s decision as “devastating”.
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To contact William Telford: william.telford@reachplc.com