Nifco hits the £71m turnover mark in eighth straight year of growth

North East car parts manufacturer Nifco has driven up sales, recording its highest ever annual turnover.

The Eaglescliffe-based business closed its books with turnover hitting the £71m mark, which is a double-digit increase from its performance just three years ago.

Nifco manufactures parts used in the engines, interiors and exteriors of cars produced by BMW Mini, Ford, General Motors, Honda, Jaguar Landrover, Nissan, Renault, Toyota and Vauxhall Opel.

Newly released figures from Nifco, which employs more than 650 people, show that these record results also represent the eighth consecutive year of growth.

Mike Matthews MBE, managing director of Nifco UK, said: “We are clearly very pleased with what we have achieved at the close of our last financial year.

“The upward trajectory continues, and this has once again been a controlled year of growth, with the team being added to along the way to ensure that we have the capacity to deliver against our expanding order book.”

The sale of the company’s former site at Yarm Road, where operations were based for more than 40 years, contributed to Nifco’s results.

Mr Matthews added: “Last year, we secured the sale of our old facility, which was undoubtedly a boost for us, but that notwithstanding, the year was a very healthy one, and we are pleased to have been able to deliver very focused, strategic growth.”