A Welsh marine equipment manufacturer, Makefast Group, has achieved a $5m boost in export revenue after opening a dedicated international base in the US, thanks to support from the Welsh government.
The Powys-based company designs and manufactures equipment for the marine and safety industries, as well as systems for super yachts and luxury boats including retractable sunroofs, awning units and bathing platforms.
Following soaring demand for its products in the US, the company opened its first US headquarters in Maryland, and has since secured over $5m in revenue from US deals alone since opening 12 months ago.
The company has now set its sights on opening an additional office in its second largest market, the EU, to replicate the success of its US base and streamline business for new and existing customers, further growing its international sales.
Exports currently account for two-thirds of Makefast’s trade – equating to £1.2m year on year growth – with the company exporting to over 30 countries from its factory in mid-Wales, including Italy, France, Brazil, Taiwan and the US.
Makefast’s main export revenue is generated from marine systems sold into two of the company’s largest key markets – the US and Italy
Chris Brown, CEO at Makefast, said: “Exporting is a fundamental part of our business and has played a key role in our growth over the years. The global market for luxury yachts and boats is huge and continues to grow, as in the case of the US, offering plenty of opportunities for us.
“Establishing a presence there has helped us to connect with new and existing customers, enabling us to keep up with the growing order books of US boat builders. Sales last calendar year in the region reached $5m, and we are forecasting for this year $6.25m.”
Founded in 1974 by husband and wife duo, Bill and Brenda Brown, the company was originally focused on producing safety hardware for the marine industry, supplying some of the largest life jacket manufacturers in the UK including the Royal National Lifeboat Institution. Soon after, it began expanding its product range to produce higher value items, and explored overseas markets as a means to grow the business.
While exports of the hardware products still exist, the company’s main export revenue is generated from marine systems sold into two of Makefast’s largest key markets – the US and Italy, a leading manufacturer of luxury yachts in Europe.
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