Lytham-based manufacturers of animal health and veterinary products Tangerine Group has announced record profits.
And now the firm is planning to open a subsidiary in America next year to further its growth.
Tangerine Group’s sales increased by five per cent while profits increased seven per cent to £2.2m for the year ending June 30.
The firm’s success has been attributed to its expansion outside the UK, with partners in Korea and China.
Chairman David Haythornthwaite said: “This has been another record year for the company which in the main has been driven by our continued expansion outside the UK.
“While the agricultural sector has been and continues to be challenging in the UK, the veterinary division continues to surge ahead. New markets in Asia continue to fuel growth and our partners in Korea and China are performing particularly well.
“This, coupled with our own subsidiary expansion plans, means that exports have increased by 10 per cent for the year. We are currently in the planning stages of opening our fourth wholly owned subsidiary in the USA which will be based in Atlanta, Georgia, and open in February next year.
“America is a country I love – having lived there in the late eighties and early nineties – and what I learnt during that time will help us in our new venture.
“Although America is a huge market, many UK companies fail to understand the sheer enormity of it and the cost of doing business, which is why many of them– including high profile names – fail. We intend to start in one area and branch out.
“It may take us 10 to 15 years to get total coverage but we are not in a rush so we can take our time and do it right.”
The new venture will be headed by Zach Cunningham and Melissa Davies, who have both come through the Tangerine management trainee programme.
Mr Haythornthwaite said: “Both these two young managers have been with us less than three years and now they have been given a once in a lifetime opportunity.
“I have every confidence in their ability to deliver”.
Earlier this year the firm reported its wide portfolio of animal health and wellbeing products had helped it reach a turnover approaching £20m with a staff of 150.