Car parts manufacturer Nifco has driven up sales, recording its highest ever annual turnover.
The Eaglescliffe-based business, which manufactures parts used in the engines, interiors and exteriors of cars produced by BMW Mini, Ford, General Motors, Honda, Jaguar Landrover, Nissan, Renault, Toyota and Vauxhall Opel, closed its books with turnover standing at a record £71m – a double-digit increase on its performance just three years ago.
Newly-released figures from the firm, which employs more than 650 people, show the record results which represent the 8th consecutive year of growth for the company.
Managing director Mike Matthews said he was pleased with the growth the company had seen, which he described as ‘measured and controlled’.
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 that we have the capacity to deliver against our expanding order book.”
The sale of the company’s former site at Yarm Road, where operations were based for more than 40 years, contributed to Nifco UK’s healthy results.
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.”
The results follow an announcement, less than two years ago, that Nifco had won its largest ever single contract, a £50m deal with US car giant Ford. The contract came after Nifco moved to a multi-million pound facility in Durham Road, which now houses two factories, significantly increasing its capacity and capabilities.