Nifco's Mike Matthews
Plastic car parts manufacturer, Nifco, has achieved a record turnover of £62million for the year ending 2015, up £6million on the previous year.
The North East-based company plans to grow its turnover to £75million over the next two years, having announced a £50million contract with car giant, Ford, in 2015 as one of a number of significant new business wins.
Mike Matthews, Managing Director of Nifco UK, said that the figures reflected a year of managed growth.
“Nifco has seen tremendous growth over the last five or six years, and that upward trajectory continues,” Matthews explained.
“We are aiming higher though, and last year was one in which we invested significantly in scaling up for the future, with the purchase of a Dynamometer – new machinery that cost the best part of £1million – to allow us to capitalise on new, emerging technologies.
“We will continually reinvest in our people, facilities and technology to allow the business to continue to compete on a global stage.”
The manufacturer, which makes parts that are used in the engines, interiors and exteriors of cars made by BMW Mini, Ford, General Motors, Honda, Jaguar Land-Rover, Nissan, Renault, Toyota and Vauxhall Opel, says that despite the healthy growth, 2015 was a year that also presented challenges.
“The year was not all plain sailing and we faced some significant challenges to achieve the growth we did. And of course, there is a huge amount of uncertainty ahead, but we remain very optimistic about the future,” Matthews continued.
“Many of the investments we have made over the last few months have increased our capacity and capability to break into new markets and grow our business, and that’s hugely exciting for us and for our future. We look forward to building on our success.”
Finally, commenting on the impact of Brexit, Matthews said: “Brexit has caused uncertainty but as a large percentage of Nifco UK business is exported, either directly or indirectly, the weakness in the pound is currently helping exports - which may well underpin our £75m growth target.”