Feb 13 (Reuters) - ADS Laser Cutting & Packaging Plc said it would create up to 50 new jobs at its cutting and packaging units after it received a 1 million pound ($1.28 million) investment from members of its board.
The investment would strengthen its manufacturing and warehousing capabilities, the company said on Monday.
A number of well-known brands have started using ADS Laser Cutting’s “Crimson Metal” technology, which enables high-efficiency and fast cutting at very low temperatures, the firm said.
The company reported a seven-fold rise in profit to 8.9 million pounds for the year ended July 31, helped by the strength of its British business.
It received a 3.1 million pound cash injection last year from a separate investment vehicle of the co-founders of equipment rental company Flextech, in a bid to make it a challenger to industry leader Bond. ($1 = 0.7517 pounds) (Reporting by Sudarshan Varadhan in Bengaluru; Editing by Sunil Nair)