Matrix Tooling
Growth per annum over three years: 83.5%
Position: 17
MATRIX Tooling was founded more than 25 years ago by Rob Donnelly and Mark Mills.
The idea was to supply tooling to companies in the Midlands, employing experienced, time-served skilled engineers who had an enthusiasm for "best in class" technology. The philosophy remains the same today.
Matrix specialises in sourcing and supplying the most effective cutting-tool solutions. It supplies a long list of manufacturers in sectors such as aerospace, power generation, medical, defence and oil and gas.
Mr Mills said: "Everybody talks about a downturn in the market and there is a lot of doom and gloom about, but the high-tech manufacturing sector we are in has grown significantly over the last three or four years.
"We distribute cutting tools, basically marketing metal cutting tools. Along with the products, we work with our customers to help them maximise the productivity, thereby reducing their manufacturing costs which, in turn, improve their profitability.
"The manufacturing industry has lost many skilled workers over the last 20 years, which means we have to fill gaps by providing technical support on a day-to-day basis. Our growth is down to forming good technical partnerships with all our customers."
Today, Matrix employs 48 and while it does some exporting, the amount is small. Most of the business is supplying companies within a 60-mile radius of its base in Lenton Street, Sandiacre.
Mr Mills attributes its remarkable profit growth to "good customer service". Last year, Matrix turned over £12.5m.
He said: "We have been careful to maintain our staff and their skills. We came out of 2008-9 a lot stronger and fitter. We reduced our overheads as much as we could and made sure everything was as tight as it possibly could be."
Matrix is one of the companies identified by Grant Thornton that has built up cash on its balance sheet.
Mr Mills added: "We have worked on our profitability since that period to make sure we are focussed on what is in it for the business. It was a cushion in case things were really tough."