Car parts firm ElringKlinger UK celebrate 38% lift in sales
Resource from: GazetteLive Likes:180
Jul 17,2015
Ian Malclom, MD of Redcar based car parts manufacturer ElringKlinger
Teesside car parts manufacturer ElringKlinger UK said it is on course to double its turnover within five years after a 38% lift in sales took turnover past £20m in 2014.
Redcar-based Elringklinger GB – the UK arm of the multinational company headquartered in Germany – is one of the few businesses that grew sales during the economic downturn.
The firm produces sealing and shielding modules for brands including Ford, Jaguar Landrover, BMW and Honda.
Last year, managing director Ian Malcolm set the business the task of taking turnover from its existing revenue of £14m to £35m within five years, and the firm said its growth plans are well on target following a year of investments in people, machinery and new contract wins.
Total revenues rose from £14.8m in 2013 to £20.4m, while operating profits fell from £2.117m to £1.802m as a result of the investments and recruitment drives.
Headcount rose from 150 to 192 over the period, an increase which took the wage bill up to £5.27m from £4.08m.
Gross profit rose to £4.6m from £4.5m but profit margin percentage dropped to 23% from last year’s 30%, largely due to the large increase in tool sales with little or no margins.
In the accounts report, managing director Ian Malcolm said: “The company has continued to recover from the global economic downturn and as shown in the company’s statement of comprehensive income, revenue for the year has increased by 38% from the previous year, with product sales up 28% against 2013.
“Operating profits has decreased by 15% compared to 2013 as the company begins to recruit and plan for the future projected growth.
“Some of the benefits of the growth will be seen in 2015 but the full impact of these change will not be seen until 2016.
“The introduction of new technologies both to new and existing customers has allowed the business to develop and grow with some significant orders already obtained.
“These along with other projects being worked on mean that the company is on target to achieve its previously mentioned expansion plans.”
Since the year end the firm has announced further job creation after securing new contracts worth more than £60m over the next seven years with existing customer Jaguar Land Rover, a deal which has involved a £6m investment in new machinery.
The additional work seals a long-standing relationship with Jaguar Land Rover and involves the design and manufacture of unique heatshields and engine gaskets for the motor group’s newest engine plant in Wolverhampton.
A new press has been installed specifically to support the development of the project, which will lead to a further 20 jobs created during 2015, across all levels of the business.
Mr Malcolm added: “I recently set us a target to double turnover from £17m to £35m in the next five years – when you consider that in 2009 that number was £8.5m it’s clear to see how far we have come.
“Things are very positive for us on Teesside at present, we are continuing to recruit across all levels and our projects pipeline is looking healthy.”
(GazetteLive)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous FAG Bearings standalone Jun'15 sales at Rs 432.12 crore
Next Vestas Wind Systems gets 26 MW order in South Korea
Next Vestas Wind Systems gets 26 MW order in South Korea
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
