Newspaper article The Journal (Newcastle, England)

Eighth Successive Year of Growth for Car Parts Firm; RESULTS

Newspaper article The Journal (Newcastle, England)

Eighth Successive Year of Growth for Car Parts Firm; RESULTS

Article excerpt

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

NORTH East car parts manufacturer Nifco UK said it is on course to reach turnover of PS90m by 2020 after recording its eighth successive year of growth.

The Eaglescliffe business, which makes parts used by the likes of BMW Mini, Ford, General Motors, Honda, Jaguar Landrover, Nissan, Renault, Toyota and Vauxhall Opel, chalked up record turnover of PS71m in 2016, a 14% increase on the previous year, Operating profit also grew, from PS5.7m to PS8.7m, in a year which saw a steady increase in volumes.

The firm, which employs more than 650 people, reported record results which represent the eighth consecutive year of growth.

Mike Matthews, managing director of Nifco UK, said he was pleased with the growth the company.

He said: "We are clearly very pleased with what we have achieved at the close of our last financial year.

"The upward trajectory continues, and this has once again been a controlled year of growth, with the team being added to along the way to ensure we have the capacity to deliver against our expanding order book." The sale of the company's former site at Yarm Road for PS1.65m to supermarket giant Lidl, also contributed to Nifco UK's healthy results. Mr Matthews added: "Last year, we secured the sale of our old facility, which was undoubtedly a boost for us, but that notwithstanding, the year was a very healthy one, and we are pleased to have been able to deliver very focused, strategic growth."

In a report accompanying the accounts, Mr Matthews said the firm had been unaffected by the Brexit vote, but that it may see pricing pressure during this year.

He said: "During 2016 the GBP weakened against the Euro compared to 2015 particularly after Brexit referendum in June 2016. However this does not appear to have dampened demand for UK products. …

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