Export growth attracts record growth for Anchor Magnets

A MAGNET manufacturer is celebrating its best year in its 30-year history with record turnover as its exports continue to see solid growth.

Anchor Magnets, the UK’s only manufacturer of flexible extruded magnets and a specialist supplier to sectors including retail, automotive and engineering industries, saw turnover reach £6.2m in the year to December 2014, up 8% on the prior year.

Turnover at the Sheffield-based company, which employs 45 staff, has increased 68% over the last five years with a 78% growth in profit over the same period.

The company has customers in 26 countries with Europe currently the biggest export market.

Warren Turner, managing director at Anchor Magnets, said: “As the UK’s only manufacturer of flexible extruded magnets, we have a bespoke engineering facility for the specialist design and manufacture of class leading magnetic products to a wealth of sectors, including retail, automotive, print and engineering industries.

“Investment has brought efficiencies and the growth of our product range through innovation, design and development has resulted in access to new markets and the winning and retaining of business with high profile companies.”

A targeted capital investment programme of £250,000 in the last year has expanded machining and infrastructure capacity to streamline sales, manufacturing, purchasing and finance systems.

Mr Turner added: “We have an ongoing capital investment programme focusing on machining expansion and reconfiguration to free up much needed inventory space to allow quicker responses to customer needs and increased demands.

“We have to adapt to keep up with industry and customer demands and stay ahead of the competition.”