Friday, 7 October 2016
Nifco UK announces record sales
Nifco UK, based in Eaglescliffe in Stockton, makes components used in the engines, and car interiors and exteriors.
The company, on the brink of closure 10 years ago, has revealed that turnover rose to over £62m in 2015, an increase of £6m on the previous year.
Last year, Nifco UK beat out rivals from Germany, Japan and China to win a £50 million contract to manufacturer parts for Ford Motor Company, creating 50 new jobs in the process.
Nifco UK has also supplied its parts to other major car manufacturers including Nissan, Renault, Toyota, JaguarLandRover and BMW Mini, amongst others.
Mike Matthews, managing director of Nifco UK, claims the figures reflect a “year of managed growth.”
“Nifco has seen tremendous growth over the last five or six years, and that upward trajectory continues,” he said. “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 £1 million – 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,” he added
The aim is to lift turnover to £75 million in the next two years – a further hike of £6,500,000 a year.
Despite its recent growth, the company has seen some challenges. And uncertainties lie ahead.
“Brexit has caused uncertainty but as a large percentage of Nifco UK’s business is exported, either directly or indirectly, the weakness in the pound is currently helping exports – which may well underpin our £75 million growth target,” said Matthews who remains “very optimistic” about the future.
“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” he added.
“We must all remain focused on Europe. It is our biggest market and a market we still have access to,” he concluded.