Sewtec’s transformation strategy more than doubles turnover to record £28m with EBITDA of £9m10 July 2019
Sewtec’s ongoing transformation strategy has seen our turnover more than double to a record £28m in the year to 30 June 2019, with EBITDA of £9m.
Last April, we announced our intention to increase turnover to £32m by 2023. With that target almost achieved in just 14 months, Sewtec is now aiming to deliver a turnover of £50m within the next four years.
During the 12 months to 30 June 2019, we increased our number of employees from 79 to 127 recruiting a wide range of additional skills and experience in engineering, manufacturing, project management, purchasing and sales.
The business aims to create a further 63 highly skilled roles within the four-year timeframe, bringing our total number of employees to 190. Apprentices and undergraduates are key elements of this growth.
The company’s transformation strategy includes the introduction of several innovations. These include a modular design approach which improves efficiencies during the design and manufacturing phases, the use of additive manufacturing processes and increased connectivity of automation machines into our business systems.
We have also improved our business processes and IT systems whilst simultaneously enhancing our employee benefits and training and development schemes to retain and attract staff.
Commenting on Sewtec’s financial performance, managing director, Mark Cook, said: “Although increasing sales are driving our excellent financial performance, they would not be achieved without everyone at Sewtec embracing the rapid, positive change that our transformation strategy is delivering.
“Our new £50m turnover target is ambitious and will be demanding. However, we believe it is realistic as it provides the focus for us to fully realise Sewtec’s tremendous potential as an increasingly preferred global player in robotics manufacturing.”
Our outstanding financial performance comes just under two years after a successful management buy-out (MBO) in August 2017 backed by Leeds-headquartered private equity firm Endless LLP.