The UK’s fastest growing private companies: Hot 100 2015 – (40) MST
2 min read
26 June 2015
Marine Specialised Technology (MST) is a creator of rigid inflatable workboats that are capable of reaching high speeds, supporting both the military and professionals.
Name: Marine Specialised Technology
Industry/sector: Construction, property and related services
Date founded: 2002
The boss: Ben Kerfoot
Location: North West
Latest turnover: £14.4m
Three-year compound growth rate (%): 42.91
Latest EBITDA: £1.2m
Marine Specialised Technology (MST) develops rigid inflatables and high speed workboats for use in professional and military environments alike, specifically tailoring them to the needs of the customers, which it claims makes it unique to the industry.
Indeed, MST works closely with clients during the development process before any manufacturing takes place in order to ensure each boat is suited for the specific role it’s required for.
“MST concentrates on the design, development and final assembly of craft with key components manufactured by specialists in those areas.This model of specialists working together, overseen by naval architects and marine engineers, ensures that all the components of your boat are manufactured to the highest possible level of quality,” the firm detailed.
It supports 21 countries globally, with use in all oceans to support law enforcement, naval, rescue, patrol, special operations, fisheries and conservation.
In April 2015, MST invested in a new in-house design and engineering platform to improve operations for the team and clients served.
“The expanded team and the enhanced engineering and design CAD capability ensure projects progress through the business more efficiently, ensuring the product is delivered on spec, on time and on budget,” said Andy Phillips, MST’s technical director.
In 2014, the company secured a share of a £111m contract with the Ministry of Defence, supporting the business as its latest CAGR is at 42.9 per cent while revenue is at £14.4m.
Alistair Hughes from the MoD’s Defence Equipment & Support organisation, said: “Small boats make up a critical component of the UK’s military effect, operating in the UK and globally. Small boats can be seen in all areas of maritime from policing the UK’s Naval Bases to counter-piracy operations off Africa to training new recruits into the Royal Navy.”