SHIPLOADING equipment specialist Cleveland Cascades has won business worth more than £1.6m in its first year of trading following a management buyout.

Ninety-five per cent of the Teesside company's production is for export and it is expanding, with three new recruits and a planned move to larger premises this year.

A loading system for dry bulk materials that was designed by the company is in operation at docks, terminals and other sites in 39 countries around the world.

The company has won environmental and export awards and is working with some of the world's leading engineering companies.

The buyout was led by managing director Ian Barnard, one of the two inventors of the loading system.

It was backed by an investment from UK Steel Enterprise Limited and banking support from Lloyds TSB.

In the year following the buyout, Cleveland Cascades has won contracts for shiploading systems in Australia, Sardinia, Russia, Estonia, Spain, Germany, Venezuela, Ireland, Israel, Sweden, Canada, Austria and Lithuania.

Mr Barnard said: "Our first year has been highly successful due, in the main, to an outstanding performance by our managers.

"We finished ahead of the business plan and the team will have gained some real confidence that they can improve not only the business in which they work, but also their own personal rewards again in 2005. Personally, I am totally committed to the concept of rewarding staff by sharing the profits made with them.

"We are looking for improved premises from which we can operate during 2005 and all the signs are pointing to it being another very successful year for us."