Unipart Group saw revenues rise by five per cent during 2013, though profits at the manufacturing, logistics and consulting business dipped slightly.
Total group turnover for the year ended December 31 2013 was £1.056 billion, up by £45 million from £1.010 billion in 2012.
Total operating profit, including joint ventures, was £26.2 million, down from £28.8 million in 2012.
The group said it had made a “step change” in the level of investment in ‘The Unipart Way’ brand to continue repositioning the company away from the historic all makes parts business, which it sold control of in 2011, to its core long term business of logistics, manufacturing, and consulting.
The firm said its investment in brand repositioning is expected to continue for a number of years and that it had “positioned itself strongly for growth in multiple markets, more sectors and wider geographies”.
Unipart chairman and chief executive John Neill said: “We are pleased to be able to report on growth in very tough markets, but more importantly, to report strong cash generation, with net cash on the balance sheet for the first time in many years.
“Our investment in the brand has worked very well, resulting in some significant blue chip client wins for our consulting business, Unipart Expert Practices. UEP has extended its reach to a number of new areas, for example a long term relationship with University Hospitals Coventry and Warwickshire, demonstrating the power of The Unipart Way to improve quality while reducing costs, engaging people and inspiring innovation for our clients.”
He added: “We extended our global footprint in India, China and Australia. We were very pleased to announce new distribution contracts with Toyota in India and a five year, full spectrum aftermarket contract with Qoros Automotive in China.
“Our group has had a long term commitment to manufacturing, and we are pleased to see the growing recognition in our country for the importance of manufacturing and engineering. During the year we opened two additional manufacturing operations including the manufacture of high tech fuel system components for the next generation of Europe’s automobiles.”
Unipart also launched a joint venture with Coventry University to develop Britain’s future engineers through the creation of the Institute for Advanced Manufacturing and Engineering, which will teach graduates and post-graduates in a new centre within Unipart’s manufacturing establishment in Coventry.
It also secured a contract with Sharing in Growth, a partly government-funded programme for capability building in the aerospace sector.