MGS Plastics' John Sturgess (left) and Neil Garrity
Blackburn-based plastic injection moulder, MGS Technical Plastics, says half year figures show it is “well on the way” to its £10m growth target.
The company says that with planning permission for further expansion submitted for approval, as well proposals to create more jobs, the company could reach its goal even sooner than it hoped.
"It's an incredibly exciting time for our company, with unprecedented levels of investment being rewarded with sharp increases in sales. Our target of £10m turnover seemed a lofty ambition when we first made the commitment, but we've made great progress and all indicators are that we are actually ahead of expectations,” explained John Sturgess, MGS Technical Plastics’ Managing Director.
The half-year accounts, which cover trading for six months to the end of September 2015, put the company on course for £4m turnover in 2015. This closely tracks the company's plan to expand to an annual turnover in excess of £10m within five years.
To meet these ambitious targets, MGS Technical Plastics has invested heavily in recent years. With support from Blackburn with Darwen Borough Council and Regenerate Pennine Lancashire, the company recently completed a £2m move to purpose-built premises.
Since then, it has spent more than £10m on new machines and specialist engineering equipment. Headcount is up to 40 and they plan to recruit 15 more within two years.
Sturgess said the main growth areas were the automotive sector, returning customers and reshoring - where skilled manufacturing work is brought back home to Britain.
"Over the last 12 months we have seen an increasing number of customers bring business to our home market rather than reach out to overseas suppliers," he continued. "They now appreciate that we can provide better quality, quicker turnaround, lower transport costs and more convenient stockholding levels.
"Our customers are reassured that we're ‘just down the road' so they can talk to us personally and review modifications and improvements quicker than ever before."