Zettlex exploits beneficial exchange rate with big global orders
The fall in value for sterling has provided a significant export boost for Cambridge sensor technology business Zettlex.
The company has hoovered up what it calls “big orders” from North America, Asia and Scandinavia on the back of favourable foreign exchange rates that have followed the referendum vote.
While Zettlex says it wants the UK to stay in the EU, it is currently cashing in on the vote to exit.
The company has just seen sensor number 30,000 roll off the production line – the number of sensors produced in a calendar year to October 10. The milestone also marked the company doubling its production capacity in less than two years.
Zettlex designs and makes sensors for precision measurement of position or speed in harsh environments. The sensors are used by equipment manufacturers in the aerospace, defence, medical and petrochemical markets.
General manager, Mark Howard said: “Since more than 80 per cent of our products are for export, naturally we wanted the UK to remain as part of the EU.
“However, since the Brexit vote the favourable exchange rate has made our products even more competitive around the world and we are just about managing to keep pace with demand.
“We’ve just signed a long term defence contract in France and have recently had big orders from Canada, S. Korea, Norway and the US.”
MP for South Cambridgeshire, Heidi Allen added: “South Cambridgeshire has a long and proud tradition of innovation and high technology. Zettlex is a great example of a local, export oriented business which is making a name for itself on the global stage.”