The title Oxfordshire Business of the Year has to be earned - the company must demonstrate how it stands ahead of is awards rivals in the most competitive category.

It is awarded to an exceptional company that can not only demonstrate financial and growth success but one that ticks boxes in many of the awards categories such as innovation and customer and staff care.

Crompton Technology Group not only managed to triumph at the 2007 awards, it has carried on its success into 2008.

It was set up by Scott Roberts, Mike Dewhirst and Roger Davidson in 2000. Mr Roberts had spent 13 years at Harwell working for the United Kingdom Atomic Energy Authority and AEA Technology.

A specialist in the use of composite materials, he was looking for a new challenge but rather than setting up an entirely new business, together with Messrs Dewhirst and Davidson, they bought out Banbury-based Crompton Plastics.

This was a firm with a modest £2.5m a year turnover which at the time specialised in making plastic rudders and centreboards for boats. But is also had a small carbon fibre composites arm with clients including Oxford Magnet technology in Eynsham.

Two years later the plastics division was sold to focus on advanced composite materials for the medical device industry, expanding into aerospace, transport, energy and defence.

The move has paid off handsomely. Staff levels have risen from 35 in 2000 to 110 now, more than 30 recruited in the past 12 months, while turnover hit £7.6m last year.

Apart from the sell-off of the plastics side, all of this has been achieved through organic growth and the company is now wholly owned by its directors after the venture capitalists who originally funded half of the business, were bought out.

CTG is currently in the process of expanding into its fourth factory, a 26,000 sq ft unit across the road from its headquarters in Thorpe Way, Banbury and the future looks bright.

Managing director Mr Roberts, 42, said: "We have some really exciting bids out at the moment in the aerospace, energy and defence markets.

"We recently won a fantastic order for propshafts on diesel electric trains. Six years ago we were only producing a few bits for the Formula One teams. Now we are offering some fantastic technologies in a range of fields."

A total of 85 per cent of CTG's product is exported and it is one of the few companies that sell to China.

But Mr Roberts says that manufacturing is kept in Banbury and there is no temptation to export it for the benefit of cheap labour as he sees that as being a false economy.

He would rather upgrade the skills of his UK workforce and invest in new technology to keep labour costs down than run the risk of running into cultural problems and the possibility of having intellectual property stolen.

"China is not a big market opportunity for us, because they will be doing it themselves soon."

Mr Roberts said that winning the title Oxfordshire Business of the Year has meant a lot not just to the management but to all the staff in terms of morale.

"We are very proud of what we have done but we are not taking our foot off the gas because we have a trophy in the cabinet. It is a stepping stone for the future."