Engineering company Sheffield Forgemasters International Ltd reported that is has recorded its highest order book value of £118 million, since the £117 million recorded in 2012. Supporting the order books are UK and US defence orders, materials processing, and research and development project orders.
We are very pleased to report that our order book has breached the 100 million pound mark for the first time in five years, said Dr Graham Honeyman CBE, chief executive at Sheffield Forgemasters. This announcement follows a prolonged period of market austerity across all of our market sectors after the global recession started to take effect, which was further compounded by the collapse of oil and gas markets which closed off a key revenue stream almost overnight.
It is important to recognise that our customers see the high integrity of our products and our ability to create engineering solutions as invaluable against increasing competition from other, less experienced manufacturers and aggressive tiger economies, he added.
Although it has been a registered downturn in global markets, the company will keep investing into new skills and technologies. This is a crucial difference that sets this company apart and we are confident that we can outgun our fiercest competition in terms of product integrity and design innovation, Graham explained.
The company still has a lot of work to do to secure new contracts and we have no intention of resting on these placed orders â we need to keep pushing forward and securing work in new markets. Research and development projects are increasingly important for us and we have no competitors that can offer our levels of expertise in this field, he concluded.