Significant Growth Drives Record Year for MIRA

Turnover up almost five per cent to £45.7m

46 per cent increase in MIRA Technology Park turnover

International order intake up to more than 22 per cent

MIRA – the advanced engineering, research and test consultancy near Nuneaton – has announced a record year of growth, with the company reaching an annual turnover of £45.7m.

The newly-released 2013 financial results, which also show a 46 per cent increase in turnover at MIRA Technology Park, reflect the businesses continued success in the international market, as well as significant progress with the site’s Technology Park offer.

The records also show surplus at MIRA has reached a record £6m, due to a combination of underlying operating efficiency and one-off tax credits.

Despite a challenging economic environment in recent years, the UK automotive industry grew in 2013 with forecasts of continued growth until at least 2017. Having set an ambitious growth strategy in 2010 – which included growing its core engineering and testing business through diversification, expanding overseas operations and developing the MIRA Technology Park – MIRA Ltd has grown year-on-year.

During 2013, MIRA’s international order intake exceeded 22 per cent for the first time in the company’s history, which was largely buoyed by the increasing success of MIRA Ltd’s engineering operations in China, Korea and Brazil. MIRA’s overseas footprint remains a key focus in the coming years, with target markets of Japan, Turkey and Germany.

Dr George Gillespie, CEO at MIRA Ltd, commented:

 “Our long-term vision for MIRA is that ‘one day every journey in the world will be positively influenced by MIRA’, and in 2013 we made significant headway in this by capitalising on the efforts of the previous three years.

“Along with our growing international offer, MIRA Technology Park has continued to grow at a significant rate in terms of physical infrastructure and long-term tenants, resulting in an increased turnover of 46 per cent. Just this week we announced a brand new 27,500 sq ft. building at MIRA Technology Park, which will house a number of tier one and global vehicle manufacturers, bringing up to 100 new jobs to the MIRA Technology Park site.”

Since 2010, MIRA Technology Park has created a total of 250 jobs technology related jobs as a result of the development, with a further 170 to be created by the end of 2014. The aim is to create up to 2,000 jobs in the Technology Park by 2020 and eventually house businesses from across the automotive, aerospace, rail, defence and associated digital technology sectors.

In the immediate future, MIRA anticipates further growth within the core vehicle engineering and testing business as the recent investments in overseas operations opens up future international business opportunities, combined with the ongoing strength of the home market in the UK. MIRA Technology Park has also developed a strong momentum and a growing international reputation as the best location in Europe to undertake transportation R&D and a number of high profile new tenants are expected to be announced in coming months.

George Gillespie continued:

“MIRA is the leading UK independent vehicle engineering and testing organisation, and, with MIRA Technology Park well on its way to becoming Europe’s most advanced independent transport technology facility, I – and the wider MIRA team – are looking forward to many more positive announcements during 2014.”