Northampton-based Cosworth Group (www.cosworth.com), a manufacturer of high-performance engines, has seen its turnover increase by 18% — to £50 million — on the back of strong demand from the USA, the UK and Europe.

Founded in London in 1958, the business moved to the Midlands six years later; it has provided engines and electronics to teams in the Formula One, MotoGP, IndyCar and Champ Car competitions.

Its UK and European revenues for 2016 were £32.1 million (up from £26.1 million in 2015), while its North American turnover increased to almost £18 million (from £16.3 million).

A statement accompanying the accounts said that Cosworth North America is expected to “significantly contribute” to the group’s automotive revenues in 2017 and beyond.

The directors said that Cosworth “accomplished several important goals set for the year”, such as reaching full production volumes at its advanced manufacturing centre in Northampton — and ending the year with an order book worth more than £300 million.

It also won several “significant” contracts during the year, and it was selected as the design and manufacturing partner for the V12 engine in the Aston Martin/ Red Bull collaboration Valkyrie.