THIRTY jobs could be created in the next 12 months by Gwent firm Penn Pharmaceuticals.

It will be part of an expansion for the Tredegar-based firm founded by Roger Jones, the chairman of the Welsh Development Agency.

The expansion has already created 40 jobs and more are expected.

The jobs pledge comes on the back of figures for the last financial year which show company turnover has more than doubled in the last two years.

When the management team acquired Penn for £12 million in September 2000, it planned to double the size of the company within three years.

This goal has been achieved in less than two years, with turnover rising from £5.75 million in 2000 to £9.25 million in 2001 and further to a current figure of £12.81 million for 2002.

Profitability at the company has increased in line with turnover and Penn is continuing a programme of capital investment of £1 million in each year since the management buyout. A further investment of £2 million has been announced for the next two years.

A new 4000 sq ft production unit was opened in September 2001, significantly increasing Penn's existing development and manufacturing facilities to support growth in the company's pharmaceutical formulation division, analytical chemistry laboratories and clinical trials packaging and supply management services.

Chief executive Craig Rennie said: "We are delighted to have realised our ambitious growth plans well within our target of three years, thanks largely to the experience and expertise of our team and a substantial programme of re-investment in the company.

"This is just the first step, however, and there remains huge potential for further growth. By providing a fully integrated pharmaceutical development service, which is delivered through strong, personal client relationships, we are confident of continuing to sustain this growth in an expanding international marketplace."