XYZ Machine Tools has seen significant growth in machine tool orders in the second quarter of its financial year, with the period from 1 May to 31 July registering a 42% increase in sales compared with 2016. This growth is being driven both by UK customers and an increase in business from mainland Europe, where sales have climbed by 12% over the same period.
In comparing year-on-year figures, Brexit has to be taken into consideration as the devaluation of the pound since the referendum has impacted on the cost of importing machine tools. The counter to that is the positive effect of the exchange rate for those exporting machined components, with the latter seemingly offsetting the former for XYZ Machine Tools. “There was inevitably some uncertainty following the referendum and our costs increased
as a result. However, the level of business we are now seeing indicates a much higher level of optimism in the market as a whole and, we along with our customers, are certainly in more positive spirits than we were back then,” says managing director Nigel Atherton.
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