A PIONEEERING supplier to the aerospace, automotive and nuclear industry says it is on course to achieve record turnover this year — and expects to turn over £1 million in two years time.

Bindatex, which was founded in 2004 and is based at the Evans Business Centre in Manchester Road, Bolton, forecasts that turnover will increase by 53 per cent to £330,000 this year.

The firm is the only company in Europe which provides high tolerance material cutting services to the composites sector.

Its growth follows follows another increase in turnover last year, which was up by 230 per cent from 2013.

The company is also set to relocate to new, larger premises in Bolton later this year to support its current productivity and facilitate future expansion.

Chris Lever, managing director at Bindatex, said: “The company has experienced tremendous year-on-year growth in the last three years. With more and more orders being made, and our move to a bigger site on the horizon, we expect to increase turnover to above £1 million in the next couple of years.”

The company initially began out as a supplier of pre-cut textiles and papers to the bookbinding trade.

However, due to customer demand in emerging markets, Bindatex adapted its product offering and used its specialist cutting machinery that could process materials into various shapes and sizes, which led to new opportunities for the business.

The firm's diversification was helped when it secured an £11,000 grant from the Technology Strategy Board, which allowed the company to conduct a study into the market feasibility study of the high-tech composites market.

It secured a lucrative £1 million contract with a leading aircraft manufacturer last year, which has been the driving force behind the boost to its growth.

Mr Lever, from Sharples, added: “Through innovation and technology, we have been able to expand our offering significantly over the past few years. We will continue to invest in the development of our services, which will in turn see the business grow — both in size and financially.

“In just a short period of time, we’ve become a leading supplier to the aerospace, automotive and nuclear industries, and I’m excited to see where the next three years will take us.”