TMAT’s six-month report has revealed that its sales are up 6% on this time last year - outstripping the 1% improvement in sales across UK manufacturing as a whole - with gross profit up by 10%.
Such figures suggest that TMAT - the multi-national manufacturer of acoustic components for tractors and excavators - is faring six times better than the average UK manufacturing business despite operating in markets - such as construction - that are still essentially flat. Looking ahead, TMAT is confident that the second half of the year, similarly, will return record breaking sales and profit.
The news comes at a time when TMAT has just announced that it is looking for a major new investor to come on board and help drive the business forward into the global market. Its current main shareholder, Advent Partners LLP, has instructed Orbis Partners LLP to divest its interests in TMAT Ltd - which it has helped transform from a promising manufacturing business into one that is now turning over around £12m - on the basis that it is now time to match the business with a larger group that can help accelerate the process of TMAT fulfilling its vast potential on the global market.
Jason Lippitt, MD of TMAT, says, “We were naturally really buoyed by the news that UK manufacturing is enjoying significant improvement after an extended difficult period. But to find from the six-month report that we are performing six times better was just fantastic.
“That’s not to say that we’re prepared to sit back and take it easy, and I don’t think UK manufacturing in general should do so, either: we’re a long way from being out of the woods yet.
“We’ve never – in my time here – competed on price, but rather endeavoured to deliver the best possible product and customer service and will keep working hard to ensure we continue to return these great figures.”
