A Yorkshire-based robotics specialist has credited its ongoing transformation strategy for its turnover more than doubling to a record £28 million.
Also for the year to 30 June 2019, EBITDA reached £9 million, Sewtec said.
Last April, the Dewsbury and Wakefield-based high-tech manufacturer announced its intention to increase turnover to £32 million by 2023.
With that target almost achieved in just 14 months, Sewtec is now aiming to deliver a turnover of £50 million within the next four years.
During the 12 months to 30 June 2019, Sewtec increased its number of employees from 79 to 127 recruiting a wide range of additional skills and experience in engineering, manufacturing, project management, purchasing and sales.
The business aims to create a further 63 highly skilled roles within the four-year timeframe, bringing its total number of employees to 190. Apprentices and undergraduates are key elements of this growth, it said.
The company’s transformation strategy includes the introduction of several innovations, including a modular design approach which improves efficiencies during the design and manufacturing phases, the use of additive manufacturing processes and increased connectivity of automation machines into companies’ business systems.
MD 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 £50 million 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.”