With the recent GDP announcement of a slow in the UK’s recovery, an SME based in Hythe, Kent, are bucking the trend.
HV Wooding, who are this week celebrating their 54th Birthday – acknowledge the past 20 months have for many been among the most challenging. However, the business has been growing rapidly.
“We have continued to invest in technology, taken on 16 new staff across the business since January and seen record growth – exceeding our sales projections every month so far this year. We are expecting to see a 6% increase in turnover as a result.” says Sales Manager Matt Lacey.
The company manufacture precision components covering sectors including Electric vehicles, Renewables, Aerospace, Science & Research, Data Centres, Switchgear and Defence.
“It is in part due to the diversity of sectors we cover that we have remained busy throughout. The electric vehicle sector for example, is growing steadily with new enquiries and orders in every week” Matt continued.
The business remained open throughout the pandemic, since we manufacture components for critical infrastructure – and even answered the Prime Ministers call for the manufacture of Ventilators. Such diversity has resulted in the company now trading above pre pandemic levels.
“Generally the UK Manufacturing industry is performing excellently. The biggest concern in the industry remains with Supply chain issues. Lead times are being pushed out, material costs have risen and both driver and skilled staff shortages have caused disruption in the industry. As an example of material price increases – if we look at Copper on the LME this was around £4500 a tonne pre-pandemic and now rests around £7400 – a 65% increase!”
“With these raw material prices reaching an all-time high and lead time increasing as demand outweighs supply, we have had to change the way we work. We are seeing order books full for months in advance, where historically customers preferred a ‘Just in Time’ ordering system. We have re-strategized and diversified and are confident that the growth will continue.
Changes to the investment allowance has also lead to more business opportunities and several large, ongoing orders already being placed.
Investments include more than £500,000 into the installation of the Trumpf TruLaser 3030 Laser Cutting Machine. (image attached)
“We have several projects coming up that will utilise the laser – including Motor Laminations/Core Pack Assemblies for EV Transport Vehicles. Whether overall demand has increased long term remains to be seen – certainly for us, growth sectors such as the electric vehicle and renewable energy sectors have seen a upsurge in demand and we can see this continuing so we are hopeful” said Matt.
