The Edinburgh Boiler Company (EBC) is targeting growth by acquisition as it prepares for its next stage of expansion.

The firm is on track to post a record turnover of £10m for its latest set of accounts with a successful transition into renewables underpinning another strong financial performance.

However, rather than relax after what will be record growth for the third year running, bosses are already laying ambitious foundations for the coming 12 months – and a £20m turnover target.

"We are ahead of budget as we come towards the end of our current financial year," said Dougie Bell, who is coming up for his second anniversary as managing director after Mark Glasgow stepped into the role of EBC chairman in January 2024.

"We are going to hit our target of £10m, which we always felt was realistic given how well the business moved into the renewable energy space. That is credit to all the staff and the great team here but no one is sitting around and patting themselves on the back.

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"We have big plans for the future and want to move as fast as possible and have identified that growth by acquisition is the path forward for us. This isn't some pie-in-the-sky idea that we are talking about – it is a strategic plan for the business which we are ready to execute."

Moving up to the position of chairman has been key to Glasgow focusing on driving forward the business, which he set up 10 years ago in a shed in his garden.

"When I set out on this journey with EBC, I had a clear plan at the start that good customer service and making boilers easy were the priorities," he said. "We have continually reinvested in the business from day one, whether that was the people, brand, systems or processes. It has helped take us to where we are now. We moved from turning over £4.6m to £7.2m and now it will be £10m.

"The 2045 net zero targets set by the Scottish Government presented an opportunity for us to grasp and we quickly established ourselves as the No. 1 installer in renewables in our area.

"Stepping up to become chairman has allowed me to have a different perspective of the company and think about things more clearly. The intention is to keep growing – and quickly. We are not people who can sit still and have identified this as the best way for us to grow at the speed we want."

EBC is initially looking at companies currently in the £2m-£8m region, with Mr Glasgow adding: "We will have discussions with any motivated sellers but they have to be the right fit for us.

"The aggressive expansion strategy is part of a wider plan to grow the business across Scotland. It's a vision for the company that both Dougie and I share. It's taken 10 years to turn over £10m but we are determined to double that to £20m in the year ahead, and we want to do that by acquisitions. It's a new strategy and one we firmly believe we can deliver successfully."