A Teesside automotive manufacturer is set to reap the benefits of a number of delayed projects next year, as it looks to build on further profit growth.
ElringKlinger (GB) is a subsidiary of the multinational ElringKlinger AG. Based at Kirkleatham Business Park in Redcar, it specialises in the design and manufacture of speciality gaskets, sealing for engine, transmission and exhaust applications, and heat shields for engine bays.
For the year to 31 December 2016, ElringKlinger (GB) reported revenue of £26.2m compared to £21.6m the previous 12 months. Of this total, £17.3m came from the UK, £6.94m from Europe, £1.65m from North America and £276,000 from the rest of the world. These compare to the previous year's totals of £14.2m, £4.92m, £2.22m and £314,000 respectively.
Pre-tax profits were up from £3.05m to £3.52m.
Looking ahead, the company, which was named Manufacturer of the Year at Insider's Made in the North East Awards in 2014, said the introduction of new technologies both to new and existing customers has allowed it to secure some "significant" new orders.
These, along with other projects being worked on, mean ElringKlinger is "already on target" to achieve its expansion plans.
A series of new projects came on stream during the year. However, the manufacturer added: "Due to project delays, the full benefits…will not be seen until 2017/18."
"The company's primary market continues to be the automotive sector, developing relationships with an increasing number of new customers, however, the company is always looking for opportunities in new products for other market sectors, although these remain elusive, going through 2017 and beyond. It sees the automotive sector as the major growth area."
It has been a busy 2017 for the automotive business, having made two senior appointments in Glen Pearson and Paul Alexander.
A month later, it started work on its £12m-a-year contract with Jaguar Land Rover having been tasked with manufacturing and supplying 36 heat shield and gasket components which will be used in both engine bay and vehicle assembly applications for six engine variants.
In July, ElringKlinger outlined plans to create a number of jobs after investing £250,000 in an expansion project.
Last month, it was readying for its major project with Ford.