A Yorkshire engineering business is expected to create more than 40 jobs after securing funding for capital investment.
Sylatech, an engineering business based in Kirkbymoorside, said it is feeling bullish about its prospects, despite Brexit uncertainty.
The company has received a grant funding investment of £450,000 from Let’s Grow North East & East Yorkshire.
Sylatech said the grant will support the capital investment required to help it achieve rapid growth. Let’s Grow is a programme funded by York, North Yorkshire and East Riding LEP and Sylatech’s grant is the largest investment that the current fund has made in a single company.
During 2018, Sylatech invested more than £500,000 in capital and it plans to double this figure throughout 2019.
A spokesman said: “Strong levels of customer demand have necessitated an immediate need for extra space and an interim development is already underway which delivers a further 450 sq m facility.
“This will house new machines and robotic machining cells, which are due for installation in June 2019.”
Sylatech is also in the advanced stages of agreeing a land acquisition next to its current site in Kirkbymoorside, on which Sylatech plans to develop a 40,000 sq. ft. facility.
Charlie Breese, Sylatech’s managing director commented: “We are two years into an ambitious five-year growth plan and are well on track to develop our core business by a minimum of £1m per annum, which secures further long-term job opportunities in Ryedale.
“Our strategic partnerships with global brands including Saab, Thales and Cobham, makes Sylatech well placed to meet its growth ambitions.”
The company, which employs 155 staff, plans to keep growing.
Gordon Gunn, the firm’s commercial director,said: “As a result of our growth, supported by the grant funding, we have created 16 jobs thus far and could generate up to a further 46 jobs.
“Brexit has had virtually no impact on us, thankfully. Our customers have been supportive but would like clarification on the impact of tariffs.
“While our exports are strong, our currency exposure to the euro is low. As a business we do feel bullish, Brexit or no Brexit.”
Sylatech opened a new microwave production facility last year which has helped to bring skilled jobs to rural North Yorkshire.
In recent years, the company has also undertaken a Knowledge Transfer Partnership (KTP) with the University of York to develop a medical imaging system.
Sylatech has a number of global clients in the aerospace, space and defence markets.
Last year, Sylatech won a 10-year contract worth £13.2m with SAAB, for antenna boards for their AMB Giraffe product range.
Mr Gunn said at the time: “A firm strategic alliance has now been formed with our Swedish colleagues from SAAB.
“On the back of this contract, Sylatech had an immediate demand to increase production capacity and this included infrastructure as well as people.”
Sylatech has also started an internal initiative to make it a “great place to work”.
Mr Gunn said: “Working closely with our staff, we changed shift patterns, have undertaken targeted investments and created a series of initiatives that attract people to work here.”
Sylatech has embarked on a growth plan to develop its core business by a minimum of £1m per annum for the next five years, which equates to around 15 per cent year-on-year growth.
Turnover in the year ended March 31, 2018 was £7.1m.
Sylatech said it had achieved profitable revenue growth of 27 per cent over the last financial year.
Sylatech regularly attends trade fairs around the world. It will be exhibiting at the IDEF 2019 event in the Tüyap Istanbul Fair and Congress Center, in Istanbul, Turkey from Apr 30 to May 3.