A CAR parts manufacturer has announced record sales figures after securing a major contract.

Nifco, based in Eaglescliffe in Stockton, makes parts which are used in the engines, interiors and exteriors of cars.

The company, which was on the brink of closure 10 years ago, revealed turnover amounted to more than £62m in 2015, an increase of £6m on the previous year.

Last year, Nifco beat rivals from Germany, Japan and China to win a £50m contract to manufacturer parts for Ford, creating 50 new jobs in the process.

Nifco has also supplied its parts to other major car manufacturers including Nissan, Renault, Toyota, Jaguar Land-Rover and BMW Mini, amongst others.

Mike Matthews, managing director of Nifco UK, said the figures reflected a “year of managed growth.”

“Nifco has seen tremendous growth over the last five or six years, and that upward trajectory continues.

“We are aiming higher though, and last year was one in which we invested significantly in scaling up for the future, with the purchase of a Dynamometer – new machinery that cost the best part of £1m – to allow us to capitalise on new, emerging technologies.

“We will continually reinvest in our people, facilities and technology to allow the business to continue to compete on a global stage.”

Bosses at Nifco said they hope to increase turnover to £75m in the next two years.

Despite their recent growth, the company said the last year had not been without challenges.

“The year was not all plain sailing and we faced some significant challenges to achieve the growth we did” said Mr Matthews.

“Of course, there is a huge amount of uncertainty ahead, but we remain very optimistic about the future.

“Many of the investments we have made over the last few months have increased our capacity and capability to break into new markets and grow our business, and that’s hugely exciting for us and for our future. We look forward to building on our success” he added.

The company also revealed despite the uncertainty surrounding Britain’s future trade relationship with the European Union, Nifco is coping well – mainly due to the fall in the price of the pound.

“Brexit has caused uncertainty but as a large percentage of Nifco UK business is exported, either directly or indirectly, the weakness in the pound is currently helping exports - which may well underpin our £75m growth target” said Mr Matthews.

Mr Matthews previously warned businesses in the UK to “show what we are made of and to fight to preserve the industries we rely on” following the outcome of the Brexit vote.

“We must all remain focused on Europe being our biggest market and a market we still have access to” he said.