A NEWTON Abbot company is celebrating winning the Queen's Award for Innovation for the third time in six years.
Centek Limited has again received the UK's highest accolade for business success.
The firm specialise in designing and manufacturing specialist springs and casings.
The award recognises the design of the Centek UROS Centraliser unit, an innovative device that enables deep boreholes to be cased and cemented effectively.
The announcement follows Centek being placed seventh in the latest Sunday Times 'Profit Track 100' which identifies private companies with the fastest growing profits.
The business turned over £21.4m, 94 per cent of which is generated in overseas sales representing profits of £7m at a growth rate of 116 per cent over three years.
Founded in 2001 by chief executive Tony Cutmore, the business now employs 160 people in Devon and has established a base in Oklahoma City, USA.
Mr Cutmore said: "I am really delighted with this award. It enhances our reputation and credibility in the market place as well as being a great motivator and reward for all the very talented people who work for us.
"As a Devon-based manufacturer and exporter, it is also good news for the region and the local economy. Centek was founded on innovation. More than a decade ago we realised that there had been no significant change in centraliser design in the previous 40 years.
"We addressed that and have achieved success through engineering and design innovation with a track record unrivalled in the industry.
"We are now world leaders in engineered centraliser design and our global success is supported by a stock inventory, rapid response to market demand and consistently high performance."
Approximately, 160 Queen's Awards have been announced this year for outstanding business achievement in the fields of international trade, innovation and sustainable development.
Winners of the Queen's Awards can expect an invitation to attend a special reception at Buckingham Palace later in the year and they can also use the Queen's Award Emblem in their advertising, marketing and packaging for the next five years as a symbol of their quality and success.