Business

AJ Power makes league for fast-growing exports

A CRAIGAVON manufacturing firm founded just a decade ago is the only Northern Ireland company included in a league table of the UK's fastestgrowing export companies.

Diesel generator maker AJ Power, set up by five senior ex-employees and directors of FG Wilson, comes in at number 72 in the Sunday Times HSBC International 'Track 200' league, which ranks private companies with the fastest-growing international sales.

Its exports have climbed an average of 64 per cent a year, from £9.8 million in 2010 to £26.5m last year.

Managing director Ashley Pigott and finance director James McIlveen, both aged 60, co-founded AJ Power in 2003.

The business, which employs 70 staff, has a turnover of £32.1m and sells to customers such as Barclays and Vodafone through distributors in more than 75 countries.

AJ Power features on the Sunday Times league table alongside companies like Wellington boot maker Hunter Boot, high-street optician Specsavers, engineer Formaplex, which makes components for Formula One teams, and marketing agency aka, which promotes cultural events and shows, such as the hit musical Jersey Boys.

Dan Howlett, head of corporate banking in the UK for HSBC, said: "It should be a massive boost to confidence to see so many dynamic privately-owned UK companies making such a positive contribution to the economy, despite continued tough trading conditions."

Despite difficult trading conditions, the Sunday Times International Track 200 companies increased their overseas sales by an average of 44 per cent a year over two years to a total of £8.2 billion.

They employ more than 130,000 staff, having added more than 31,000 jobs during this time, some as a result of acquisitions.

The majority of the companies on the league table are headquartered in London (54), and the northwest (31) and southeast (30) of England.