A SOUTH Lakeland electronics company has seen a big rise in profits and unveiled ambitious expansion plans for the future.

Oxley Developments Company made post-tax profits of just under £1.1 million for the 12 months to the end of September.

The news comes a week after The Westmorland Gazette reported that another South Lakeland manufacturer, Kendal-based turbine and pump-maker Gilbert Gilkes and Gordon Ltd had made pre-tax profits of just over £1m for the past year.

For Oxley, the Furness-based night vision and electronic components company, the latest financial figures mark an upsurge in the company’s fortunes. While the company made profits after tax of £244,000 last year, it has seen sales rise by 12 per cent, or £1.2m, during 2008, despite what Oxley described as “challenging” economic conditions.

The company, which has its headquarters in Ulverston, said the improved performance followed the appointment of a new management team in 2006, and significant investment in both new equipment and people.