Plastics firm stretches profits with help from Invest NI
Assistance from Invest Northern Ireland has helped a local firm increase turnover by over £1.5 million in just two years and secure new export contracts in GB and RoI.
Rubber and Plastics supplies a wide range of engineering products including hose, fittings, valves, rubber, plastics and hydraulic products, as well as personal protective equipment and clothing to industry. In addition, they supply a full range of underfloor heating and heat pump products to the construction industry and self builders.
Supported by Invest NI, Rubber and Plastics undertook an extensive review of operations enabling the firm to implement a number of innovative efficiency measures.
“Invest NI’s Balanced Scorecard programme provided us with a simple yet effective method of documenting sales, stock levels, employee performance and many other factors which have the potential to impact upon company performance and profitability,” says Steven Allen, Managing Director of Rubber and Plastics. “By assessing the status quo, we were able to review procedures and make simple yet effective changes.
“Over a period of 12 months, we focused on improving quality commitment, upgrading stock procedures and warehousing management, developing customer relationships and renewing our commitment to staff training and development. Two years after implementing the changes we have recorded a £1.5m increase in turnover including new export contracts and are delighted with the results.”
Tracy Meharg, Managing Director, Innovation and Capability Development, Invest NI adds: “All companies, regardless of size or nature of business can improve competitiveness, performance and profitability by engaging in continuous improvement and embracing the basic concepts of innovation.
The £1.5m increase in turnover is made all the more remarkable by the fact that the actual project cost less than £8,000, clearly demonstrating that small, simple changes can bring maximum benefit to industry.”
“Rubber and Plastics has demonstrated how simple but important changes to daily practices can optimise the throughput of available resources to ensure sustainable growth and market success.”