Consett firm builds on its overseas success

Sep 30 2009 by Karen Dent, The Journal

AN ENGINEERING company's policy of concentrating on overseas markets to offset the effects of the recession has helped double its turnover to £1.5m.

Pinnacle Re-tec Ltd has increased its proportion of export business from around 50% last year to 70% and is increasingly looking to work with foreign clients to continue its fast rate of growth.

The Consett company makes replacement components for rotating equipment across a range of sectors, including oil and gas, chemical works, refineries and steel, using 3D measuring and design software.

Managing director Toby Heintz, who set up Pinnacle in 2006 with help from UK Steel Enterprise, said the slowdown in the UK market prompted the company to make more of the export opportunities available.

He said: “The UK market was pretty dead, especially in the first half of the year. It’s a very slow revival now. So we went into countries where we already were, but were hit less by the global recession.

“We have doubled our turnover since last year. The rate of growth is much bigger than the domestic market. The weak pound is helping us.”

The company has increased staff numbers from 10 to 14 in the last year on the back of the additional work and if the workload proves sustainable, Mr Heintz is planning to take on an additional four or five people in the next 12 months.

He said Pinnacle’s most lucrative markets are proving to be the Middle East and North Africa and it also exports to Northern Europe.

The next step in its global plan is to tap into more clients in the Far East and Continental Europe. It turned to UK Trade & Investment (UKTI) to explore the potential new markets and used its Passport to Export scheme, which links businesses with an international trade advisor and develops a strategic action plan offering support for the next 12 months.

“We’ve done some research with them into countries, especially in Continental Europe, and they have also facilitated some our business travel and the costs,” said Mr Heintz.

But he wants to see more support at Government level to help British companies compete successfully on the world stage.

He said: “Exporting is great – the only trouble is that Government is doing relatively little to help exporters. UKTI is one step. Other countries are doing a lot more to help exporters, such as Germany and France. That’s probably why they are doing more.”

More information on UKTI and its support services is available from the North East International Trade Hotline on 0845 05 05 054 or by emailing enquiries@ukti.rito.co.uk