Newport-based Axiom Manufacturing Services (www.axiom-ms.com) is investing £1.5 million and aiming for further growth after a record year in 2017, when it generated revenues of £40.97 million (up from £34.8 million in 2016).

Its turnover was boosted by the first full year of ownership of design and development business Grieve Ltd, which was acquired in 2016.

Axiom specialises in new product introduction, including design for manufacture, bespoke testing and assembly of advanced high-mix printed circuit boards.

Managing director David Davies said: “Sustained turnover growth is something every manufacturer will celebrate, but our focus will always be to ensure that the service we provide exceeds the needs of our customers today and anticipates their future needs when developing technologies that advance their industry.

“Guaranteeing that we meet our customers’ service needs tomorrow, to ensure that their products reach the market on time and fully tested, requires more than ‘state of the art’ equipment.

“This is why we are committed to the continual development of our team, providing opportunities to develop our collective skill base and developing routes for new talent to develop with Axiom.”