Record £75.9m sales for Eaglescliffe car parts manufacturer Nifco UK

North East car parts business Nifco UK achieved record sales in the face of industry and economic headwinds last year.

The Eaglescliffe-based manufacturer, which produces parts used by some of the world’s biggest car makers, grew revenues from £71m in 2016 to £75.9m in 2017.

Nifco attributed the uptick to strategic growth across its powertrain products, as well as an increased focus on electric vehicle parts.

The firm also pointed to the weakened Sterling, following the 2016 EU Referendum, as a contributing factor.

Mike Matthews MBE, managing director of Nifco UK, commented: “We are delighted that we have been able to report yet another year of record growth in what has been a challenging year for the industry.

“During 2017, we have continued to strengthen the relationships we have with our customers and have reaped the rewards from some significant wins on engine-related products.”

He continued: “Further to this, and as discussed previously, the is an increasing demand for electric vehicles and the Nissan LEAF, which we make parts for is absolutely thriving – some of our growth must be attributed to this.

“This is now our ninth consecutive year of planned and strategic growth and we hope to continue building on this as we plan for the future.”

Discussing Brexit, the potential skills shortage it could create and the need for businesses to work together, Mike said: “While Brexit is something we can no longer influence, we can prepare and plan for it as more details emerge.

“However, there are equally pressing issues that the automotive and wider manufacturing sector must seek to address in 2018, primarily skills.”

He added: “Nifco has invested heavily in its people over recent years. Our award-winning apprenticeship programme in particular is helping to nurture the workforce of the future and we must all work collaboratively as an industry to ensure we have the skills required to continue growing post-Brexit.”

Speaking further, Mike said investment in skills “will help [firms] realise the opportunities for further growth in the years to come”.

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