XYZ Machine Tools has continued its record breaking run of year-end results posting an 11 per cent increase in turnover for 2018/2019, taking it to a significant £33.9 million.
This growth reflects what is continuing optimism within the UK manufacturing sector, along with increased sales within the education sector and mainland Europe. This optimism is reflected by 33 months of sustained growth in the sector highlighted by the Purchasing Managers’ Index (PMI) which remains resolutely above 53 and the Bank of England has upgraded its growth forecast. On top of this inward investment also remains robust and with that comes greater demand for machine tools. A recent survey by the organisers of the SUBCON show suggests that some 65 per cent of manufacturing businesses are positive about investment.
“There is some amazing positivity in the manufacturing sector at the moment, despite the uncertainty that our politicians are generating around Brexit,” says Nigel Atherton, Managing Director XYZ Machine Tools. “Our sales have been bolstered by a mix of the optimism in the sector along with the introduction of new products. Put simply we are meeting the needs of our customers with machines that are both price competitive and highly productive”.