FGP Aero Group supplies some of the biggest aerospace customers in the world from its Weymouth headquarters.

The company has secured a trio of new contracts that will boost annual turnover by 67 per cent in the next five years

The growth is being supported by a £5million funding package from Lloyds Bank Commercial Banking.

FGP Systems supply single piece complex parts up to top-level assemblies direct to their customer production lines, for the aerospace, military and civil sectors from its Weymouth and Yeovil manufacturing sites.

The group comprises of three business units, which focus on areas such as machining, chemical processing, paint, non-destructive testing, assembly and test.

The business has experienced increased international demand for its products and services, in line with the growth of the commercial aerospace sector.

The three new export contracts will see the company supply its engineering expertise and components to customers based across Europe, the Americas and Asia.

The wins are set to increase annual turnover from £18million to £30million in the next half-decade.

To support fulfilment of the contracts, Lloyds Bank has supplied a £1million asset finance facility that will be used to purchase machinery. This includes two new machines that will provide up to 24-7 un-manned machining capability creating a fourfold increase in productive hours.

In addition, Lloyds Bank has provided a £4million working capital facility to ensure that the business has sufficient cashflow.

Nigel Pitman, managing director at FGP Systems, said: “We operate in a niche market, but one where our products and services have grown a stellar reputation. We are located in an aerospace hotbed in the South West of England, opening doors to multiple opportunities to grow our client portfolio both domestically and internationally.

“The machinery involved in manufacturing delicately formed aluminium parts for high-spend projects can be expensive. The funding from Lloyds Bank is enabling us to continue delivering the best customer service and invest in something vital for the ongoing growth of our business, without pinching budgets elsewhere.”

Andrew Lucas, relationship director for SME banking in the South West, said: “FGP Systems is an ambitious firm with sights set on huge growth in the aerospace, travel and wider sectors. It’s management team is highly experienced, which is why it attracts such a reputable client base.

“We are committed to helping Britain prosper by supporting manufacturers like FGP Systems. That’s why we have pledged to provide £4billion of funding to the manufacturing sector, beating our four-year commitment six months early.”