NO BREXIT CONCERNS AS POLYPIPE POSTS RECORD YEAR

Plastic piping and ventilation systems manufacturer Polypipe has reported record financial results and said there was “no discernible impact of the EU referendum” on its end markets.

Revenue for the year to 31 December 2016 was 23.8 per cent higher at £436.9m. UK revenue was 10.5 per cent ahead on a like-for-like basis.

Underlying profit before tax was 28.8 per cent higher at £61.8m

“Our record performance during 2016 and continuing growth underscores the strength of the Polypipe business model and the robust fundamentals underlying the majority of our market segments,” said chief executive David Hall.

“In a period of heightened political and market uncertainties, Polypipe continued to focus on its priorities and delivered results toward the top end of our expectations.

“The combination of forecast market growth, our focus on executing our strategic development initiatives and resolve to recover input cost inflation mean that we look forward to 2017 being a further year of progression for the group.”

Source: Laurence Kilgannon, Insider Media, 30th March 2017

A NIGHT TO REMEMBER

Tinsley Bridge Group were delighted and honoured to win two awards at the 15th Sheffield Business Awards, presented by BBC’s Harry Gration in front of 750 people, last December. Winning two awards in one night was doubly rewarding as there were a record number of entries for the 2016 competition.

Tinsley Bridge were successful in two categories, the Excellence in Manufacturing Award and the Award for the most Outstanding Business in Sheffield. Both awards recognised the importance of technical innovation to success in modern manufacturing, and the value of strategic R&D partnerships with leading Universities and research bodies.

 

 

Source: Tinsley Bridge with permission

 

SECOND-GENERATION £200K SUPERCAR UNVEILED

McLaren has unveiled its second-generation Super Series at the Geneva International Motor Show, with the supercar maker set to open a £50m Yorkshire facility where components for the vehicles will be made.

The unveiling of McLaren’s new supercar confirmed both the 720S name and 720PS horsepower of the first model in the second-generation McLaren Super Series. Lighter, faster and more capable than its McLaren 650S predecessor, the 720S costs from £208,600.

Last month, McLaren revealed plans to open the Composites Technology Centre at the University of Sheffield’s Advanced Manufacturing Research Centre (AMRC), a plant which will be responsible for the development and manufacturing of advanced carbon fibre chassis.

The company’s expertise in carbon fibre structures underpins the construction of the new 720S and the architecture of the car is based around a new carbon fibre “tub” and upper structure, the McLaren Monocage II.

“Super Series is the core of the McLaren business and personifies the blend of extreme performance, crafted luxury and unparalleled driver involvement that is the McLaren heartland,” said chief executive Mike Flewitt.

McLaren investment in the Sheffield City Region will create more than 200 jobs through a combined investment of nearly £50m.

£3M INVESTMENT AT BEATSON CLARK

Glass manufacturer Beatson Clark has invested almost £3m in an upgrade at its South Yorkshire glassworks.

The company has installed Bottero individual section machines on two of its manufacturing lines to improve production of glass bottles for well-known food brands such as English Provender and Mackays, as well as own brand products like spice jars.

“These new eight-section double gob machines represent the latest generation in servo controlled equipment,” said Graham Lax, head of project management at Beatson Clark.

“This investment is part of our commitment to continuous improvement for the future and will ensure that we can improve our production processes while maintaining and enhancing quality.”

The new machines were installed by ECO Engineering of Brough in East Yorkshire while machine and mould cooling fans were installed by Integrated Air Systems.

Source: Laurence Kilgannon, Insider Media, 7th March 2017

AEROSPACE COUP A “MAJOR VOTE OF CONFIDENCE” – SIR NIGEL

Boeing’s plans to establish a £20m production facility in the Sheffield City Region is a “major vote of confidence” for the area, according to Sir Nigel Knowles.

Last week, the aerospace giant confirmed that it would manufacture high-tech components for its next-generation 737, 737 MAX and 777 aircraft at the proposed Sheffield site.

Boeing Sheffield will employ approximately 30 workers when it opens as part of BCA’s Fabrication operations and will work closely with Boeing Portland, a centre of excellence for complex machining, gear systems and flight controls.

Sir Nigel Knowles, chairman of the Sheffield City Region Local Enterprise Partnership, said: “This is fantastic news for the region and a major vote of confidence in our ability to combine research and development expertise with actually making things.

“This investment will play to the strengths of our supply chain and skilled workforce and I am delighted that such a highly respected world leader as Boeing recognised this.”

Subject to local authority and other relevant planning permissions, the proposed 25,000 sq ft Boeing Sheffield facility will be built alongside the University of Sheffield’s Advanced Manufacturing Research Centre with Boeing (AMRC), the machining and materials research campus founded in 2001 by Boeing and the University of Sheffield.

Boeing expects to recruit UK employees for the site as early as 2018, capitalising on the skilled workforce in Sheffield as well as the AMRC’s capabilities.

The business also plans to initiate a major research and development programme with the AMRC to develop new manufacturing techniques that can be applied in the new Boeing Sheffield facility.

Source: Matthew Ord, Insider Media, 1st March 2017

CHINESE GROUP GETS WITH THE FLOOW IN £13M INVESTMENT

Sheffield-headquartered telematics technology provider The Floow has received £13m of equity investment, with China-based group Fosun putting forward the majority of the funds. The deal has been hailed by Prime Minister Theresa May.

Insights provided by The Floow help change the insurance operating model from transactional to one based on relationship and service.

Existing investor Direct Line Group, the personal motor and home insurer, as well as Fosun, and United Electronics Co have invested the funds in exchange for a minority economic interest in the business.

The investment will support the strategy of the leadership team led by founder and chief executive Aldo Monteforte.

“Just five years from its foundation The Floow is now a leading provider of telematics data services to the global insurance industry, and today my management team and I are proud to have reached agreement for the completion of a meaningful financial investment that is aimed at accelerating the company’s momentum and global growth,” said Monteforte.

“This is a major milestone in our journey to make The Floow the best work place for all who aspire to harness sensors, software and data in pursuit of smarter and safer mobility.”

Theresa May said the deal demonstrated the faith investors in the UK and from overseas have “in the future of Sheffield”.

“It’s great news for The Floow, which will be able to use the cash to double its workforce and carry on expanding the cutting-edge car safety technology that has seen it create 70 high skilled jobs in the city,” she added.

“But it’s also great news for the rest of Sheffield, as it clearly shows that the city is open for business.”

Toby Ramsden and Graham Smith from Sequence Advisers provided corporate finance advice and Peter Crawford and Lisa Wallis from Freeths’ Sheffield office provided legal advice to The Floow on the investment.

Source: Laurence Kilgannon, Insider Media, 6th March 2017