Newspaper article The Journal (Newcastle, England)

Record Year as Sevcon's Sales and Profits Soar; MANUFACTURING

Newspaper article The Journal (Newcastle, England)

Record Year as Sevcon's Sales and Profits Soar; MANUFACTURING

Article excerpt

Byline: COREENA FORD coreena.ford@ncjmedia.co.uk

INNOVATIVE transport firm Sevcon has had a record year with annual sales rising 8.5% as it seizes opportunities in the rising demand for electrification in the global transport market.

For the full year to the end of September, the Gateshead company recorded turnover increase of $3.2m (PS2.1m) to $41.1m (PS27.4), while chalking up profits for the 12-month period of $1.9m (PS1.3m), compared with $1m (PS670,000).

Matt Boyle, chief executive officer at the low carbon vehicle component maker, said: "We made excellent progress during the year on our growth strategy, and reported record financial results.

"Sales for on-road applications were up 41%, driven by our pursuit of high-value electrification segments.

"We also logged a record number of product shipments during the year, and rolled out customisable technology solutions that we believe will provide 30% more value than traditional technologies."

Earlier this year the NASDAQ-listed business launched the GEN5, its newest high-performance motor controller.

The company's controllers, which are designed at its base on the Team Valley Trading Estate, act as the brain of the vehicle, varying speed and movement and prolonging battery life.

Mr Boyle continued: "Our breakthrough GEN5 technology platform, the foundation of our growth strategy, was introduced in September to a highly receptive customer base.

"Simple to install and program, GEN5 motor controllers will set new standards of reliability, flexibility, and security in on-road applications.

"In the on-road sector, we are continuing to focus on opportunities related to the global demand for electrification. We believe that our GEN5 technology will enable Sevcon and its customers to be faster to market, reduce risk, and gain share in high-growth electrification applications. …

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