[ad_1]
A North Tyneside agency that makes important elements for the automotive business has seen stronger gross sales pushed by demand from the European Union.
ENTEK Worldwide Restricted, which operates from Killingworth’s Camperdown Industrial Estates, says turnover grew to £44.4m final 12 months, up from £40.8m, as excessive gross sales values supplied a lift.
In accounts filed at Firms Home, the 130-strong agency stated it anticipated vital demand for its separator merchandise to proceed this 12 months, as markets additionally stay aggressive.
Learn extra: Newcastle’s Related Power attracts additional £15m from 5 new traders
Working earnings on the US-owned enterprise have been down from £7.2m to £6.6m although pre-tax money technology rose from £11.3m to £12.5m.
Final summer season ENTEK signed a memorandum of understanding with electrical car battery producer Britishvolt as its most well-liked lithium-ion battery separator accomplice.
The memorandum is the precursor to a long run contractual settlement that might see ENTEK provide Britishvolt’s forthcoming gigafactory at Cambois, close to Blyth, from its Killingworth base, but additionally from a location on the gigafactory.
Writing in a report accompanying the accounts, Jeff Grim, ENTEK’s government vice chairman, stated: “ENTEK will proceed to use its place because the business’s technological and value chief and benefit from the expansion alternatives introduced by the persevering with evolution of automotive energy methods expertise.
“Our lead-acid battery separators serve the automotive battery market. The automotive lead acid battery business
extremely specialised, and we typically compete with just a few different firms.
“We get pleasure from longstanding relations and collaborative partnerships with a base of consumers who’re among the many leaders of their respective markets. These relationships are strengthened by our capability to develop extremely technical membrane merchandise that meet the exact evolving wants of our prospects.
“Most of our merchandise require years of cooperative improvement with customized intensive testing and approval previous to the introduction of our prospects’ merchandise to the market.
“Though separator is a important practical element of the automotive battery, it represents a comparatively small share of ultimate battery value.”
He added: “Neither Brexit nor Covid-19 had a major impression on the corporate in 2021. Regardless of the scenario in Russia and Ukraine the corporate’s markets and demand for its merchandise stay steady.
“To mitigate vital uncooked materials and vitality value will increase, the corporate has introduced value will increase in Q1 2022.”
ENTEK calls itself a “world chief” in polyethylene battery separator materials that has cast long run partnerships with a small handful of worldwide batter producers.
You’ll be able to be a part of the BusinessLive North East dialog on LinkedIn and Twitter
[ad_2]
Source link