Nifco UK managing director Mike Matthews has said that the company will continue investing in its workforce and technology on Teesside after a year of record growth.
The car parts manufacturer has revealed that sales amounted to more than £62m in the year ending 2015, which is up by more than £6m on the previous year.
Nifco now plans to grow its turnover to £75m over the next two years, having announced a £50m contract with car giant Ford in 2015 as one of a number of significant wins.
Matthews said that the figures reflected a year of managed growth.
He said: “Nifco has seen tremendous growth over the last five or six years, and that upward trajectory continues.
“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 £1m – 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.”
Despite the healthy growth, Matthews added that 2015 was not without its challenges.
He said: “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.
“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.”
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.”
Nifco is one of the region’s best known success stories, having gone from a loss-making business on the brink of closure 10 years ago, to a business that is often referred to as a poster child for the UK automotive industry’s renaissance.