Whilst the UK hasn’t gone into a triple-dip recession as some forecasters had predicted, today’s release of GDP figures for the first quarter of this year won’t make happy reading for Powys’ business leaders - GDP in the county is the lowest in the country at 30% below the national average.
However, there are some good news stories amongst the doom and gloom. In its coverage of the latest GDP figures, BBC Wales cited Invertek Drives as an example of a Powys based business that’s bucking the regional trend. The independently owned company’s order intake grew by 35% last year and is on track to significantly exceed this year’s forecasts.
BBC Wales Economics Correspondent, Sarah Dickins, stated in her report that Invertek is ‘The type of business that can help the economy grow – a Welsh business that is exporting across the world and expanding rapidly.... helping the UK to avoid recession.”
Sarah spoke to Invertek’s Sales & Marketing Director, Rhydian Welson, about the challenges to growth that the company has faced in recent years. He said, “Definitely the biggest challenge in growing our company has been the ability to get access to funding.”
Whatever challenges the company may have faced, Invertek Drives, continues to go from strength to strength - the independently owned company was established in Welshpool in 1998 and has since grown to an international operation that will turnover in excess of £18 miilion this year.
A significant proportion of Invertek’s growth is due to the company’s dedication to innovation, the energy saving potential of its products and a successful export strategy. The need to reduce global energy consumption is increasingly being recognised by Governments worldwide - Invertek’s AC inverters have the potential to reduce usage by more than 50% in industrial and HVAC applications and are currently sold in more than 80 countries worldwide through a network of international sales partners.
Rhydian continues, “The secret of our success is down to a number of factors – we have an extremely dedicated team who are all committed to growing the business, we invest heavily in product development and marketing support, but most importantly we ensure that our products meet the needs of our customers around the world.”
Plans to extend Invertek’s Welshpool headquarters are in the final stages – a 4400 m² extension to its production and logistics facilities, scheduled to be operational by 2015, will ensure the independently owned company has the capacity to meet ever increasing global demand for its compact variable speed drives.
Follow this link to watch the BBC Wales report - ‘Powys productivity concern as UK avoids triple dip recession’ – footage from Invertek Drives and Rhydian Welson’s short interview can be viewed 1:06 into the film.
