Company report: Schrader
Schrader Electronics has reported increased output and profits in the year to December 2015. The company operates in Antrim and Carrickfergus.
It had been a subsidiary of Tomkins plc, registered in England but in 2010, the Tomkins businesses were purchased by the Dutch-registered Pinafore Cooperatief U.A. In October 2014, ownership passed to Sensata Technologies.
In the last five years turnover has doubled. In 2015, turnover exceeded £337m.
The company develops and manufactures remote tyre pressure monitoring systems and other electronic sensing technologies for the automotive industry.
The annual report emphasises high expenditure on research and development to broaden its marketable products. In 2015, R&D spending rose to £16.5m from £13.1m in 2014.
It forecasts that 2016 production volumes will be up by a further 3%, linked to stronger growth of 4.1% in North America and 3.9% in Asia.
More recently, operating and pre-tax profits have increased faster than turnover. Pre-tax profits in 2015 rose to a new peak and were equivalent to 18% of turnover.
The average number of employees in 2015, at 1,390, was 9% higher than a year earlier and is more than double the total of six years ago.
Capital spending by the company remains at a high level - £9.3m in 2015.