December 9 2013 Latest news:
By BEN WOODS
Wednesday, February 27, 2013
The boss of Swaffham-based aviation firm STG Aerospace will plough fresh investment into new products and jobs after witnessing a record spike in profits.
Richard Moore, chief executive, is set to launch a new electronic cabin safety product in a move that will spark new positions within the company and extra work for sub-contractors in East Anglia.
And while he declined to unveil further details before its official launch in March, he said the product would take the business in a “different direction” from its current trade producing emergency photoluminescent lighting for aeroplane cabins.
It comes after the firm, which reported an annual turnover of £7m in 2011 and employs 23 people in the UK and seven in the US, saw its sales surge by 25pc compared to 2011 and its market share increase by 7.8pc.
It was boosted by a demand for its products from the growing aviation markets in the Middle East and Far East, the sale of its replacement LED lighting system to Swiss International Air Lines, as well as an increased demand for Boeing 737 models – which installs STG products as standard.
Mr Moore, who declined to give up-to-date figures about the company’s profits and turnover, said: “We have seen really strong growth in our existing products and we plan to use that success to invest more money in establishing new products this year.
“We will be going in a different direction with an electronic product that will be focusing on cabin safety.
“The developments will continue to grow the company and put us in a position whereby we can hire more people.
“It will also be good for our supplier base because we will be sub-contracting some of the work within East Anglia.”
As well as its base in Swaffham, STG also has an arm in Miami, in the United States, where it targets both the American and South American market. But last year, the firm saw its growth come from Asia, where it secured major contracts with Singapore Airlines and Scoot.
He added: “The rapid growth of the business has come in recently. Our lighting was a specialist niche product, but in the last 10 years some aviation firms have made it a standard fit and that is a big change.
“For a small company in Swaffham, we have managed to broaden our market reach so that we are now widely known across the world– and I still think that is an amazing story.”
Two hundred jobs are set to be created after one of west Norfolk’s largest businesses was granted permission to expand its King’s Lynn facilities.