Our half year results show that we’re well on the way to our £10m growth target.
With planning permission for further expansion submitted for approval and proposals to create more jobs, we could reach our goal even sooner than hoped.
The accounts, which cover trading for six months to the end of September 2015, put MGS Technical Plastics on course for £4m turnover this year. This closely tracks our plan to expand to an annual turnover in excess of £10m within five years.
To meet these ambitious targets, we have invested heavily in recent years. With support from Blackburn with Darwen Borough Council and Regenerate Pennine Lancashire, we’ve recently completed a £2m move to our purpose-built premises.
Since then, we’ve spent more than £10m on new machines and specialist engineering equipment. Headcount is up to 40 and we plan to recruit 15 more within two years.
Our managing director, John Sturgess said: “It’s an incredibly exciting time for our company, with unprecedented levels of investment being rewarded with sharp increases in sales. Our target of £10m turnover seemed a lofty ambition when we first made the commitment, but we’ve made great progress and all indicators are that we are actually ahead of expectations.”
John said the main growth areas were the automotive sector, returning customers and reshoring – where skilled manufacturing work is brought back home to Britain.
“Over the last 12 months we have seen an increasing number of customers bring business to our home market rather than reach out to overseas suppliers,” he said. “They now appreciate that we can provide better quality, quicker turnaround, lower transport costs and more convenient stockholding levels.
“Our customers are reassured that we’re ‘just down the road’ so they can talk to us personally and review modifications and improvements quicker than ever before.”
They are asking you to buy an extra present this year that they will give to a disadvantaged local child to make their Christmas morning special. They are looking for new and unwrapped gifts suitable for children and young people aged 0-18 years, and you can donate at MGS Technical Plastics as we’re an official drop off point.
MGS has laid the groundwork for our next phase of expansion with the appointment of our first non-executive director, an advisor to Prime Minister David Cameron.
Glenn Cooper, who has been invited to 10 Downing Street and on to BBC TV to discuss business issues, joins us as we aim to increase our annual turnover from £4m to £10m within the next five years.
MGS already has a strong record of investment and growth in recent years, including a £2m relocation from Bolton to our current Blackburn home, as well as a series of appointments throughout a number of departments.
Our owner John Sturgess said: “We have enjoyed great success with our expansion plans so far, but each time we set our sights higher, we enter into unchartered territory.”
“Glenn is an experienced business owner and advisor with a string of successes under his belt. His knowledge and expertise will play a crucial role in guiding us through the next stage of our development and we are very excited to welcome him to our team.”
You may also be interested in reading about other members of our team, read more here and here.