Manchester manufacturing specialist M&I Materials is targeting new international markets after turnover soared by more than 20 per cent.

The company – which is being advised on its overseas expansion strategy by Pannone Corporate – reported a rise in sales from £38m to £46m during its most recent financial year.

Chief executive Giles Salt attributed the growth to M&I’s international efforts, which now account for 91 per cent of income. Customers include Boeing, CERN and F1.

“It’s not often you see an industry transform before your eyes, let alone in a way that you can actively contribute to,” said Salt. “The UK wants to be a leader in the EV transition and it can be, but only if we can crack the issues of range anxiety and edge towards charge times more similar to the petrol pump experience.

“We can help do that. We have been working in advanced materials and electrical insulation for more than 100 years, with a core specialism in dielectric fluids for more than 40. We work with some of the world’s best universities and research institutions to keep innovating and growing.”

Pannone Corporate senior partner Paul Jonson added: “M&I Materials has been a client for several years and, through its innovative and highly specialised products and commitment to building long-term relationships with its global supply chain, has become a leader in its markets.”