Best Year for Anchor Magnets
23rd February 2015
A Sheffield-based magnet manufacturer and supplier is celebrating its best ever year in its 30-year history with a record turnover.
Anchor Magnets, the UK's only manufacturer of flexible extruded magnets and a specialist supplier to sectors including retail, automotive and engineering industries, has seen consistent growth since its start up and unprecedented business growth across the business divisions in the last year. For the year ending 2013/14, the company which employs 45 staff, celebrated its all time highest turnover reaching £6.2m - up eight per cent on 2013. Turnover has increased 68 per cent over the last five years with a 78 per cent growth in profit over the same period. Annual export turnover rose from £1.2m in 2009 to £2.2m in 2004 - an 83 per cent increase and now 35 per cent of total output. The company conducts business 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 £250k in the last year has expanded machining and infrastructure capacity to streamline sales, manufacturing, purchasing and finance systems. The company, based at Bankside Works in the Lower Don Valley, has tripled magnetic sheet and extrusion conversion capacity material over 18 months and doubled laminating facilities in last 12 months. Anchor Magnets, which is proud of its Made in Sheffield credentials, has also introduced strict environmental priorities and is the only zero landfill magnetic product manufacturer in the UK. it is the only European company to recycle flexible magnet and extrusion and to offer a recycling service for redundant magnetic point of sale materials. Looking ahead, Warren added: "We have an ongoing capital investment programme focussing 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."