West Yorkshire robotics firm Sewtec has upped its financial targets after it doubled its turnover to more than £28m.
The Dewsbury and Wakefield firm’s turnaround under Leeds-based private equity firm Endless, is running ahead of schedule, having previously been aiming to deliver revenues of £32m by 2023.
Having almost reached that figure in 14 months, Sewtec bosses are now seeking to deliver £50m in turnover within four years.
Profit stood at £9m, with Sewtec having increased its number of employees from 79 to 127 in the last 12 months across a wide range of disciplines including engineering, manufacturing, project management, purchasing and sales.
The business aims to create a further 63 highly skilled roles within the four-year time frame.
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.”
Sewtec designs, manufactures, installs and commissions complex industrial systems for global blue-chip clients in the pharmaceutical food and beverage and tobacco industries. More than 85 per cent of the company’s sales are exports.