Scotland's largest independent electronics contract manufacturer, CB Technology, has delivered a 36% increase in turnover for 2022-23, taking its revenues to £14.3 million.
CB Technology’s revenues have increased 500% since the successful management buy-in backed by Maven Capital Partners in 2015. The Livingston-based electronics manufacturing service (EMS) provider remains on track to achieve its £20m turnover target by 2025.
Over the last 18 months, CB Technology has continued to successfully diversify its manufacturing capability beyond its traditional energy sector involvement with the addition of new clients in communications, IoT, and the life sciences sectors.
The company continues to invest in new equipment, along with increasing its headcount to 85 over the last year. CB Technology has also played its part in developing the next generation of electronic engineers by taking on three apprentices while planning to increase that number over the coming year.
This robust growth trajectory is forecast despite an expectation that the UK economy will contract by around 1.4% in 2023, with Make UK expecting a 3.2% reduction in output in the manufacturing sector compared to last year.
CB Technology has built a strong reputation for supplying complex and highly reliable electronic components worldwide, manufactured to globally renowned standards from its dedicated facility in West Lothian.
The company, founded in 1999, supplies cutting-edge technology products and services to blue-chip multinationals, whilst simultaneously partnering and supporting the growth of innovative SMEs across the UK.
John Cameron, Managing Director at CB Technology, said:
“Our latest financial results are a testament to the skills and hard work of our team with the continued support of our innovative customers and dedicated shareholders. We remain extremely positive about our growth trajectory and the broader electronics manufacturing sector in Scotland.
“Despite a range of significant events creating a challenge for the global manufacturing industry, CB Technology has established a strong position for itself within the electronics manufacturing sector through strategic alignment with cutting-edge customers in the IoT, sensing technology and life sciences sectors.
“The company’s manufacturing capabilities and experience, combined with our financial strength, will continue to position CB Technology as a reliable and trusted partner for globally established Original Equipment Manufacturers as well as innovative SMEs.”