Thompson Aero Seating has grown in just five years
THOMPSON Aero Seating has been one of Northern Ireland's fastest growing businesses in the last five years from an early small start-up in 2011 to a multi-million turnover unit in 2016. The business is based in Craigavon and specialises on the design and manufacture of aircraft seats for the commercial airline industry.
The company has been winning business as a competitive supplier in the international passenger aircraft sector. It is one of two locally based businesses which are succeeding in this specialised product market.
Annual turnover has increased significantly year by year and, in the year to March 2016, exceeded £64m - an increase of over 600% in the last five years. Operating and pre-tax profits have improved in step with the expanded turnover. Pre-tax profits have exceeded 21% of turnover in the last three years. The company retains post-tax profits within the business (no dividends have been paid) and this has contributed to a large increase in capital investment.
The directors report points to two principal risks and uncertainties: a currency exchange risk and a possible product liability arising from customers' warranties. These risks are conventional in a business where many customers trade in non-sterling currencies and where customers will expect product supply guarantees.
Employment has increased and averaged 285 people in the year to March 2016.
The balance sheet value of shareholders' funds, now over £32m, has continued to increase significantly, particularly with the retention of post-tax profits in the business.