Chesterfield, UK — TMAT Ltd, which makes acoustic components for tractors and excavators, says it enjoyed a record £4million ($6.4 million) in new business enquiries in 2012.
In spite of this good news and the widespread optimism surrounding UK manufacturing in recent months, TMAT's managing director, Jason Lippitt, is warning manufacturing industry against complacency in what remains a highly unstable economic climate.
Lippiat said: "It seems odd for us to be guarding against excessive optimism now when a year ago we were one of the few companies expressing positivity when everyone else seemed to be so glum, but UK manufacturers really must be cautious.
In a company statement, the MD added: "Foreign competition is an ever-present threat to UK businesses and will become more so if the Pound strengthens against the Euro. There is also the issue of the continuing instability of the European market, which will become even shakier, should – as is predicted – Greece be forced to leave the Eurozone."
Chesterfield-based TMAT whose global customers including Case, New Holland Tractors, JCB, and Terex, is rare for having been one of the businesses that has thrived during the economic downturn. Its turnover has risen from £5 million per year to in excess of £10 million since 2009 and TMAT aims to drive turnover to more than £20 million by 2015.
Despite the reservations Jason and TMAT have about the raft of good stories predicting sizeable imminent growth, TMAT does see itself as being at the forefront of the revival of UK manufacturing. The business is also a very keen advocate for manufacturing skills to be taught in schools.
TMAT designs and engineers innovative solutions to noise, vibration and harshness for ACE (agricultural, construction, earthmoving) markets that it feels are the best in the industry. TMAT is backed by Advent Partners investment group and a £1.6 million HSBC funding package.