Suppliers to the motorsport sector see increase in sales

Data from the Motorsport Industry Association’s (MIA’s) latest Motorsport Business Survey shows this UK industry experiencing increased output, increased investment in research and development (R&D) and an upturn in job opportunities for skilled engineers and apprentices.

According to MIA, of those that saw an increase in sales turnover, more than 10 per cent saw a rise of more than 50 per cent, compared with the previous financial year. More than half of UK motorsport engineering companies reported having higher-value future-order books, year on year, despite the global recession.

Such optimism is reflected in the amount of investment going into R&D, according to the MIA report, which confirmed that 17 per cent of motorsport engineering companies invested more than 30 per cent of their turnover on R&D and 25 per cent of businesses invested between 15 and 30 per cent.

According to MIA, this investment in R&D has been encouraged by the government’s tax credit scheme, which has been claimed by 55 per cent of motorsport engineering businesses in the last three years. Commitments to R&D programmes have consequently helped motorsport companies diversify into new markets.