Lasco Manufacturing, production arm of the Lasco group of companies, is seeking to further increase exports as the company actively pursue new markets.

With exports currently accounting for approximately six per cent of total revenues, the company’s managing director, James Rawle, said that the aim was to increase this figure to about 15 per cent over the next three to five years.

“Today we are exporting to over 20 countries in the Caribbean area and we have our eyes set on Latin America, specifically Venezuela and Columbia,” he said while giving an investor’s briefing at the Mayberry forum last week.

“We export through Lasco Distributors and export is a fundamental part of our growth strategy that is being pursued very aggressively. As we speak, we have been having dialogue with our local distributors, throughout the Caribbean and the United States on how we can deepen the distribution of our products, and how we can take it to all levels of the market,” Rawle added, noting that the company was already exporting to the US east coast along with New York and Miami from which it was also receiving strong Diaspora support.

Lasco’s Executive Chairman Lascelles Chin, who also participated in the forum, underscored export as a key area of focus for his company which is being given serious attention. “In the Caribbean we are going to concentrate on the Dominican Republic which has been elusive for some time,” he stated.

Rawle, in further commenting on the company’s plans for growth, said that significant capital investments in the areas of plant equipment and technology were currently being undertaken to drive this objective.

“This is in fact what has fuelled our growth in both companies [Lasco Distributors]. To meet our growth target it is essential that we continue to invest prudently, and so we have a very robust pipeline of investment in equipment technology and plant to deliver the growth that we aspire to,” he said.

Providing update on some aforementioned plans by the company to venture into the cannabis market, Rawle indicated that these were currently on hold due to some corresponding banking challenges which continues to hamper progress in this area.

Lasco Manufacturing, despite its transition to paying full corporate taxes on the stock exchange this year having exhausted its 10 year on the Junior Market, for its financial year ended in March earned increased revenues of $8.2 billion coupled with a 40 per cent increase in net profits of $1.4 billion. Shareholder’s equity also grew by approximately 17 per cent to $7.9 billion for the year. Its partner company, Lasco Distributor, also had a similar commendable performance growing revenues to $20.3 billion and profits to $909.5 million — a 25 per cent increase amid harsh operating conditions occasion by the novel coronavirus pandemic.