Durham Precision Engineering invests another £250k

Around £250,000 is being invested in a north-east company responsible for CNC lathes and milling machines' production.

The Northern Echo revealed that Newton Aycliffe-based Durham Precision Engineering is predicting an increase in turnover from £2 million to £2.4 million during this year and, as a result, is adding extra machine tools and four more staff members to take advantage of this trend.

The steady growth over the last 12 months has largely been attributed to the winning of several contracts in the oil and gas sectors, according to managing director Peter Coates, who added that the money is being reinvested in CNC machining enhancements to improve capacity.

Geoff Mason, the business development manager at the firm, added: "We have benefited from working with sectors that have not been severely affected by the recession however, no business is immune and we have worked hard to ensure that we deliver the best possible service to our customers."

It follows the publication of Markit's UK Regional Purchasing Managers Index which was released this week, which revealed that manufacturing sectors in the north-east and Wales are rebounding.