Forklift truck firm Briggs Equipment, which employs almost 300 people in Cannock, today revealed a ten-fold increase in profits after a record year.

A host of new contracts has signalled huge success at the company, boosting profits from £300,000 to £3 million last year. The firm leases Yale machines and has its headquarters in Orbital Way.

Under the leadership of chief executive Richard Close, Briggs has been transformed from making a loss of nearly £10m in 2006-2007.

Part of his strategy has been to scale down from 17 depots around the UK to just three sites. A site in Livingston serves Scotland but the whole of England and Wales, apart from one small dealer site in Haydock, is now served from Cannock.

The firm has improved its annual results by £3m year on year throughout the recession. In September it  won a £10m deal with DIY giant Homebase.

“We have not done anything radical just followed basic principles of business including building up sales, treating staff with respect and looking after our customers,” he said.

The company, which now employs nearly 300 people in Cannock and 720 nationally, was bought by United States parent Sammons Enterprises from Finning in 2006.

Last year turnover also increased by 17 per cent to £100m and the company won a number of new contracts, bucking the national trend in the sector.

Mr Close is confident of a prosperous 2012, with business forecasts for the first quarter of the year looking even more promising.

He plans to initiate a number of developments including the launch of the Briggs Academy – a training programme designed to help staff reach their full potential. The company is the sole distributor in Great Britain of Yale machines.