TMAT, which designs and manufactures acoustic components for tractors and excavators, has achieved a 6% increase in sales and a 10% increase in profit in the first six months of this year.
At present the average improvement in sales in the UK manufacturing sector is 1% which means TMAT is faring six times better than the average UK manufacturing business despite operating in markets – such as construction – that are still essentially flat.
Looking ahead, TMAT is confident that the second half of the year, similarly, will return record breaking sales and profit.
The news comes at a time when TMAT has just announced that it is looking for a major new investor to come on board and help drive the business forward into the global market. Its current main shareholder, Advent Partners LLP, has instructed Orbis Partners LLP to divest its interests in TMAT Ltd on the basis that it is now time to match the business with a larger group that can help accelerate the process of TMAT fulfilling its vast potential on the global market.
The Chesterfield-based business, which turns over around £12m per year with a target of £20m by 2015, has also announced plans to open a factory in Brazil “in the near future”.
Jason Lippitt, MD of TMAT, said: “We were naturally really buoyed by the news that UK manufacturing is enjoying significant improvement after an extended difficult period. But to find from the six-month report that we are performing six times better was just fantastic.
“That’s not to say that we’re prepared to sit back and take it easy, and I don’t think UK manufacturing in general should do so, either: we’re a long way from being out of the woods yet.
“We’ve never – in my time here – competed on price, but rather endeavoured to deliver the best possible product and customer service and will keep working hard to ensure we continue to return these great figures.”
