South West companies secured overseas sales worth £41m, supported by £3.2m from UK Export Finance according to its’ latest annual report and accounts for 2016/17. For further information on this encouraging news story please read the bulletin below which was issued today by Insider News Media.
Roger Mundy, Managing Director, Beardsley Theobalds. 21st July 2017
£3.2m UKEF funding support South West exports
Companies in the South West have secured £41m in overseas sales, supported by £3.2m from UK Export Finance (UKEF), according to newly-released figures.
According to its annual report and accounts for 2016/17, UKEF provided £3bn of support across the UK, a 60 per cent increase on 2015/16.
Among the companies supported was FTI, a Somerset-based manufacturer of insulation cladding for oil and gas companies.
In order to secure a $8.5m (£6.6m) export contract with Malaysian oil company Petronas, FTI was asked to provide $1m (£770,000) worth of bonds. UKEF provided the company’s bank with a guarantee for 80 per cent of the bond value.
Neil Smallwood, managing director of FTI, said: “UK Export Finance was the natural answer when faced with the bond requirements of the contract, which would have stretched our resources. Its assistance has enabled us to double our turnover, land repeat business and increase our footing in the Malaysian market.”
Hugh Francis, export finance manager for the South West, added: “UKEF’s results demonstrate our ongoing commitment to making exports happen and to finding innovative ways to meet a broader range of exporter needs. More importantly, they highlight the growing international demand for UK goods and services and the willingness for UK businesses to meet that demand.”