An engineering firm is aiming to double turnover in three years after investing £350,000 in new equipment and premises following a successful funding bid.
Cardiff-based Traker Engineering of Taffs Well received a second-round of investment of £230,000 from Tata Steel subsidiary 海角视频SE, with the remainder of the investmen package made by the firm.
海角视频SE backed a management buy-in of Traker Engineering in 2015, which led to its move to the present site. Now, the second funding round will support the company's ambitious growth plan which includes doubling its turnover from £1m to £2m in the next three years, expanding its client base and targeting new markets.
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The firm is also looking to increase its workforce from 10 to 13 to meet the increase in output.
The funding has also allowed the business to purchase state-of-the-art laser cutting and metal folding machinery and expand into an adjacent factory unit to increase storage and improve efficiency.
Owner and managing director Gary Henley said: "At present turnover stands at around £1 million and we are aiming to break the £2 million barrier in three years."
He added: "The new equipment allows us to widen the range of services we offer. It also means we can keep all work in-house rather than relying on sub-contractors, and this will make us much more efficient and improve competitiveness."
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A subcontract manufacturer of precision sheet metal and power press tool components, Traker Engineering specialises in hinge manufacture. It is known for its CNC-produced precision metal work across different sectors including gaming machines, medical and aerospace equipment.
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The new facilities mean the firm can extend its range of products, and target new work in renewables producing frames for solar panels, while also looking for markets in white goods, garden furniture and construction.
Mr Henley said: "A new generation of gaming machines are now being redesigned to be digital and with our new equipment we are well positioned for this developing market."
海角视频SE investment executive Martin Palmer said: "We are pleased to be re-investing in Traker helping them to fulfil their business plan. There is an experienced management team in place and the company has always outperformed forecasts. We are confident that this expansion package will enable them to move confidently forward.”
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