An East Midlands manufacturer of composite processing equipment has secured £3.1 million of new investment to help maintain its rapid growth.
Oakham-based Surface Generation (
www.surface-generation.com), which employs 30 people, last year won its biggest-ever contract from Japanese engineering giant IHI Corporation, which will use its new patented process to create lightweight jet-engine parts for a next-generation single-aisle commercial-aircraft programme. The company says that its ‘intelligent’ moulding can reduce cycle times by up to 95% and produce energy savings of over 90%.
In addition to its existing clients, Surface Generation is currently in talks with 12 manufacturers around the world, and it is predicting revenues of £2 million for the 2014-2015 financial year (ending on 30 April). This would be an increase of over 230% compared with 2013-2014.
Chief executive Ben Halford said: “We are thrilled to have secured this additional funding from our investors, who are committed to the long-term growth of the business. It will enable us to continue to grow in our existing markets, which range from aerospace to consumer electronics, and to enter new ones, such as energy. We will also be looking to employ 10 new members of staff immediately, taking our head-count to over 40.
“Having recently opened a facility in Taiwan, we are now planning to open demonstration centres on the West and East coasts of America. These are important developments, as more than 90% of our revenue comes from overseas.”