TMAT Ltd, a manufacturer of acoustic components for tractors and excavators, enjoyed a record £4 million in new business enquiries in 2012.
Backed by Advent Partners investment group and a £1.6 million HSBC funding package, TMAT designs and engineers solutions to noise, vibration and harshness for ACE (agricultural, construction, earthmoving) markets.
The company’s customers include Case New Holland, JCB, and Terex.
In spite of the good results, however, TMAT’s managing director, Jason Lippitt, has expressed concern about the the unstable economic climate and warned manufacturers against complacency.
Lippitt said: “UK manufacturers must be cautious. Foreign competition is an ever-present threat to UK businesses and will become more so if the Pound strengthens against the Euro. There is also the issue of the continuing instability of the European market, which will become even shakier should, as is predicted, Greece be forced to leave the eurozone.”
The Chesterfield-based business has thrived during the economic downturn, with growth rising from £5 million per year to over £10 million since 2009. The company aims to drive turnover to more than £20 million by 2015.