This acceleration in manufacturing growth in 2016 has been mirrored and excelled by Redruth-based European Springs & Pressings and has seen its order books surge post-Brexit referendum with further encouragement of long-term gains with the UK Government’s budget announcements.
End of year results saw the spring manufacturer post strong performance results with a £7 million turnover in 2016, up by 15% on 2015.
Michael Gibbs, managing director said: “UK manufacturing is going through tumultuous times. On the one hand there is significant investment with multi-million pound facility expansions from Boeing and McLaren and on the other, Britain’s car manufacturers are suggesting instability.
“We have seen incredible growth across our business, witnessing an increase of 17% in our automotive sector with a high proportion of our suspension springs being used in the UK. The budget’s review of oil industry taxation can only have a positive impact on multiple suppliers to the oil and gas industry and is a welcomed statement for the industrial side of our business.”
“We’ve purposefully invested over £1.3 million in new machinery in the past year to fulfil growing demand and secure UK production, where we had previously sub-contracted some work out to our partner factory in Sweden.
“Our team has expanded to 51 staff from 43 in the last 12 months but we have struggled recruiting. The budget’s investment in a new T-level system and £300 million assigned to support STEM subjects will hopefully secure and encourage badly needed skills required within Cornwall’s growing engineering industry.”
“We are now not only recruiting more staff but are also actively looking to acquire more space, having recently extended and relocated from our former Indian Queens site in 2013.”
Mr Gibbs concluded: “Our current trajectory and long term strategies, boosted by the Government’s focus on the UK’s industrial strategy, forecast continual investment, recruitment and expansion in Cornwall, further adding to the £800 million per annum contributed to the county’s GVA by Cornwall’s manufacturers.”
European Springs & Pressings www.europeansprings.com
