A Barnsley manufacturer is enjoying a boost to its business thanks to winning a contract for specialist parts for jet fighters.
Oracle Precision (
www.oracle-precision.co.uk) was set up six years ago by Ryan Taylor and Shaun Palmer, who had both worked in medical manufacturing but suffered downturns in business.
They established the company with the aim of manufacturing highly specialised parts for a variety of sectors — including rail, medical and aerospace. It now employs 16 staff at its Shortwood Business Park factory and is looking for bigger premises.
Mr Taylor said: “Our latest contract, which will run for about five years, is a world away from more recent work that included medical drills and parts that improved rail safety.
“When customers ask us to make things, we will often suggest alternative approaches, investing time, raw materials and energy in experimentation that might not work. If it does, both our customers and ourselves benefit, but our risk is rewarded by an R&D tax-credit scheme.”
R&D tax credits specialist Jumpstart assisted Oracle Precision with its claims. Mr Taylor said: “We didn’t think we were eligible, but Jumpstart analysed all our work, examined the level of technical uncertainty and prepared a comprehensive dossier for HMRC.
“We don’t have the time or knowledge to make comprehensive claims and the cash they win back for us is re-invested back into the business, allowing us to employ apprentices and buy new machinery.”
Nicole Ballantyne, Jumpstart business development manager for Yorkshire, said: “Oracle Precision is testament to the engineering and innovation skills we have in Yorkshire. Many pioneering companies like Oracle believe their experimentation is run of the mill.
“It isn’t and it attracts valuable R&D tax credits that can be ploughed back into their businesses. We can unravel the minutiae so that companies present a robust claim.”