Ionix moves forward with confidence

IONIX Systems, the manufacturer of high performance wiring systems for the aerospace, military, medical and other commercial sectors, continued to make progress in its second year as an independent business.

The Leigh-based company, spun out from listed group Volex, has manufacturing sites in Estonia and Croatia and employs around 490 people.

Sales in the year to the end of March were flat at just over £21m, but the business made an operating profit of £322,000 compared with a loss of £1.3m loss a year ago.

Chief executive Bill Taylor, who led the MBO of Volex’s Harness division, said: “The performance in the year has been very positive – the group exceeded budget figures in the key metrics that were set for the year. We leave the year with a strong balance sheet, we have increased cash in the bank and have no external debt.”

After considerable restructuring in the 2009-10 year, aimed at taking costs out of the business, he said he was “delighted” at the generation of an operating profit.

Earlier this year Ionix opened a sales office in Berlin to “capitalise of the strength of the German economy and to generate new business opportunities”.

Mr Taylor said the early signs of the investment in Germany were good with a number of contracts with customers signed already.

Looking ahead, he added: “The board are excited about building on the strong platform of operational and financial performance and continue with the next phase of the strategy to grow the business.

“This includes the options of increasing business with existing customers, winning new strategic customers and targeting some key acquisitions.”