Speedboard Assembly Services reports record growth with a 24% increase in turnover
Speedboard Assembly Services has closed its 2014-15 financial year with a turnover of £9.23m, circa 24% up on FY 2013-14 (which closed at £7.45m) and in a market that grew by less than 4% according to the latest Plimsoll Summary Analysis report on UK Contract Electronics Manufacturing. The substantial increase is attributed to landing new business and increased volumes of work from existing customers. In addition, the value of Speedboard’s re-shored (from the Far East) work has doubled from 5 to 10% during the same period.
Neil Owen, Speedboard’s Managing Director, comments: “We’re extremely pleased with this year’s financial results as the numbers are proof-positive that our approach to business and supporting customers in ways most CEMs are unwilling to entertain are the way forward.”
Part of the reason for Speedboard’s highly successful year was the company’s willingness to invest more than £250,000 on new equipment. For instance, a Selective Soldering line was purchased to support an existing customer with a new project and a Vapour Phase oven was purchased to support a new customer. Whilst both purchases were made in order to undertake specific projects, the equipment gives Speedboard manufacturing capabilities which are set to become increasingly called upon in light of the growing complexity of PCBs and the need to deliver consistently high quality.
Focussed on serving high-tech sectors – including Security, Defence, Medical, Communications and Industrial – Speedboard’s offerings range from traditional build-to-print through to full lifecycle, including DFM, prototyping, full production, packaging, delivery to end customer, repairs and after sales support.
In addition, the contracts between Speedboard and its customers are increasingly risk-sharing type arrangements, in that Speedboard acts as a ‘virtual shop floor’, trusting its customers to do what they do best (i.e. product design, marketing and sales) whilst the CEM guarantees to keep its processes efficient and to reduce costs and lead-time wherever possible.”
Owen adds: “Our preferred model is to integrate ourselves into our customers’ processes. This typically means sharing the same sales forecast, agreeing and committing to the appropriate stock profiling in order to meet spikes in demand, implementing a continuous improvement strategy, sharing test and inspection results and having open book costings. By doing so it is possible to work together to drive quality higher, reduce lead-times and provide products at prices that satisfy both parties and the end-users.”
Speedboard anticipates that by the end of its next financial year (ending 30th June 2016) more than 80% of its income will come through risk-sharing, virtual-shop-floor type arrangements. Owen adds: “As for 2015-16, and based on customers’ indications, we’re predicting a further increase in turnover – one that will take us well past the £10m mark – and the early indications are looking good as we have just closed our first quarter ahead of forecast.“
The company has also signed up to SC21, the supply chain improvement programme developed and managed by the trade organisation ADS for companies operating in the Aerospace, Defence, Security and Space sectors. Far from representing a move to focus on just those sectors served by ADS, Speedboard is embracing SC21 to demonstrate and apply its capabilities in all industries where efficiency will give its customers a competitive edge.