A Cornish spring manufacturer has reported good turnover growth in 2016, helped by strong demand from the automotive sector.
Redruth-based European Springs & Pressings said its order book had “surged” since the Brexit referendum, with further long-term gains predicted. The firm reported turnover of £7 million in 2016, up 15% on 2015 (
www.europeansprings.com).
Managing director Michael Gibbs 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; 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 work, with a high proportion of our suspension springs being used in the UK.
“We have purposefully invested over £1.3 million in new machinery in the past year to fulfil growing demand and secure UK production; we had previously sub-contracted some work out to our partner factory in Sweden.”
Mr Gibbs added that the firm now employs 51 people, up from 43 a year ago, but it has struggled with recruitment.
As a result, he welcomed the Budget announcement of a new technology-level education programme and £300 million assigned to support STEM subjects.