Rapidly-growing manufacturer Nifco is predicting its turnover will reach £75m by 2016 after revealing a full forward order book.
The Eaglescliffe-based plastics manufacturer is expecting another surge in turnover, after already reporting record sales growth last year.
Managing director and European operations officer Mike Matthews believes the company will add a further £17m to the £58m worth of business on its books this year, as it grows its traditional revenue streams and looks to enter new markets over the next two years.
The updated prediction comes four months after the firm’s annual accounts showed a lift in turnover to £40.9m in 2012 from £32.4m the previous year, and the firm planned for a 40% lift in sales to £68m within two years.
Matthews, who has been at the helm of Nifco UK since 2008, said: “We have enjoyed several years of significant sales growth and we believe that is only the beginning.
“Our order books are full for the next five years, and having only moved into our current factory in 2012, we are already at capacity and preparing to add to our floor space when our second phase factory opens in April.
“We’re an agile, responsive business and that, in no small part, is what is allowing us to achieve the year-on-year growth we’re enjoying. If we are able to maximise the assets we have and tap into more of the valuable support we have been given over recent years, I genuinely believe we can keep strengthening and creating and sustaining more UK jobs and it’s our aspiration to turn Nifco UK into a £100m business over the coming years.”
The company moved to its current £8.5m site after outgrowing the factory it had been operating out of since the 1960s.
Matthews added: “Our parent company has continued to invest in Nifco UK, and coupled with successful RGF bids, we have been able to really spur on the development of the business.
“To date, the investment in Nifco UK has helped to sustain 158 jobs and coupled with two phases of RGF support, we have been able to create 295 additional jobs. I am sure we can create many more.”