THE new chairman of Edinburgh Instruments hopes to help double the size of the business in the next three years by entering more export markets.
Dr Derek Shepherd, a former Aggreko executive with vast experience in international trade, was appointed chairman of the Livingston-based scientific instrument maker last week.
In his first interview since the announcement he told The Herald he believed the company, founded by Professor Desmond Smith as a spinout from Heriot Watt University in 1971, can double its turnover to more than £20 million.
To do that it will expand further in China, India, the Middle East and across the Americas, while also adding new product lines.
Dr Shepherd said: "Having spent 15 years travelling the world with Aggreko opening up the Middle East, Africa, Asia, Latin and South America, I think I can help Edinburgh Instruments bridge the barriers to getting in to these places to sell their equipment in these new markets. Chief executive Alan Faichney is doing a great job in China and is across on a few trips a year but I will support him with penetrating further.
"Following on from that will be India, which is a tougher market. Edinburgh Instruments doesn't do a great deal there.
"It is also weak in the Americas. I know South America very well and within a few years I think it can be trading in Brazil and also in the Middle East, as there are a large number of universities being built that have links to the UK and Scotland.
"It is growing at about 30% a year and has ambitious plans to keep growing at that rate over the next three to five years.
"I think they can more than double size in the next three years by going into these new markets and bringing along new products. Margin is fairly constant so as revenues grow profits will as well."
Dr Shepherd is also chairman at Edinburgh-based wind turbine motor firm NGenTec and has roles at piston engine company Libertine FP and offshore rental business Ash-tead Technology among his other appointments.
He confirmed NGenTec has spent around £1m building a full-scale one-megawatt generator, in conjunction with David Brown Gear Systems in Huddersfield, West Yorkshire, to show its technology works at scale. The company now hopes to begin attracting customers.
Dr Shepherd and other shareholders have also agreed to provide an unspecified amount of funding to help with business development.
He added: "The refinancing will be completed at the beginning of May then we will be going out to customers to win some orders.
"It is tough to break into big engineering markets. We are up against people like Siemens and General Electric with big pockets and far more resources.
"The challenge is being able to take a slice of that market away from these big players."
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