KNOWSLEY firm Colormatrix has reported a strong rise in annual turnover, but saw pre-tax profits for its holding company remain relatively flat in the 12 months to December 31.

The firm is the world’s largest manufacturer of liquid colourants and additive concentrates for thermoplastic products and operates around the globe with more than 200 staff working in Merseyside and satellites in China, Japan, the USA and Mexico.

Figures filed at Companies House show sales jumped from £50.7m to £68.15m, while profits before tax slipped slightly from £3.56m previously to £3.43m.

Operating profits improved from £6.33m to £7.75m.

Directors have recommended no dividend payment for the year.

The Knowsley Business Park-based holding company includes subsidiaries Colormatrix Europe and the Colorant Chromatics Group (CCG), which the directors’ report says made a combined profit of £4m.

The statement said CCG benefited from improved trading conditions in the European and Chinese markets, in which it operates.

Colormatrix was founded in 1993 by Detroit-born Bill Ravenna who, together with Manchester Business School friends Mark Frost and David Nuttall, established the company in a Chorlton-cum-Hardy basement before relocating to Knowsley in 1994.

After moving from colours to additives in 2000, Colormatrix was recognised with a Queen’s Award for Innovation for its acetaldehyde scavenger, that takes acetaldehyde, which gives water a bad taste, out of the bottle.