Engineering firm's Moyola Precision focus on R&D sees sales hit £14.2m
A Co Londonderry engineering firm emphasised the important of research and development as it reported a 12% increase in sales to £14.2m.
Moyola Precision Engineering in Castledawson employs around 110 people in the manufacture of products for the defence, medical and motoring industries.
The company said it had boosted sales in the 12 months ending March 31 after overcoming challenging market conditions and making major investments.
However, pre-tax profits were down 11% to £1.89m from £2.1m the year before.
But the business remained positive about its future.
"Challenging conditions still prevail in the aerospace sector, but the directors believe that the company is well-placed to preserve and increase its profile in this sector," it said.
"The company has continued to invest very significantly in its facilities and has installed further major machining capacity."
The company added that it was "pleased" with the successful development and kitting-out of the business's new research and development centre.
"(Moyola) sees continuing investment in research and development expenditure as being core to enable it to continue to develop its status and its reputation within the industry," a strategic report said.
"The directors are confident that the company can continue to thrive in a challenging industry and can continue to enhance both its own reputation and that of Northern Ireland generally as significant contributors of leading-edge, high-quality precision engineering expertise."
Earlier this year it joined forces with other Northern Ireland aerospace firms, including Dontaur in Ballymena and Denroy in Bangor, to form Causeway Aero. The consortium is aiming to use its collective strength to attract bigger deals with players such as Airbus and Boeing.