A Scottish aerospace firm plans to treble its annual turnover to more than £20 million and create new jobs after being selected for Sharing in Growth, the UK aerospace industry-led competitiveness improvement programme.

Its components can already be found in the engines of countless aeroplanes, now, Lanark-based Martin Aerospace is to work with Sharing in Growth (SiG) business transformation experts to set up a strategy to grow its business dramatically.

Martin was the smallest firm of around just 60 to be selected for a top-to-bottom review to help create a new management and operational strategy.SiG claims to be able to double the turnover of any firm it takes on with its intense programme but both the size and potential of Martin meant that target could be increased.

Martin now aims to increase turnover from £7.25m to £20m in the next four years, creating between 20 and 50 new jobs on top of the current 80 including an expanded apprenticeship scheme.

William Martin, managing director, said the move would mean a targeted production up-scale.

He said: "It is a four year programme and over the first two years there will be heavy mentoring by SiG on Martin Aerospace.

"The second two years will be about us continuing that momentum and making sure that we live up to the standards that they are going to set for us.

"We are a small Scottish company with aspirations to be UK-wide and global-wide and SiG are coming in to make sure we achieve that aim."

He described the contractual structure of the operation: "We have even at this point in time multiple contracts running in parallel, so we have a contract with Rolls Royce that runs on a Long Term Agreement which we have just renewed for the next four to five years and we have other contracts which will be renewed.

"We have half a dozen contracts running in parallel at any one time and the sum total of these in the fourth year would add up to £20m."

Martin Aerospace was founded 25 years ago and supplies thousands of different quality-critical machine engineered components, such as engine fastenings and crankshafts, to aerospace companies including Rolls-Royce and Pattonair.

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Mr Martin, above, said: "If it has a Rolls-Royce engine on it then there will be a control part within that engine that has come from Lanark in it."

However, he added there is also a level of uncertainty in the industry in the approach to Brexit.

He also said: "What we are needing is a some clarity, to get a deal on the table so business can start deciding what are the ups and what are the downs.

“We have every intention of breaking into the US market with regards to aerospace parts, so that might be a very positive thing for us if the UK does a deal with the US, but conversely right now we deal predominantly with Europe which is not a good thing if we are separated from Europe."

The SiG partnership will include reviewing the processes for business development, capacity scheduling, investment in new technology and new product introduction and moving to a cellular factory layout.

Andy Page, chief executive of SiG, said: “With the commercial aircraft order book at a record high, the UK has a huge opportunity to increase its share of the global aerospace market.

"Increased productivity, skills and capability are essential for ambitious suppliers, like Martin Aerospace, to win the worldwide competition on quality, cost and delivery."

The programme is endorsed by Airbus, BAE Systems, Boeing, Bombardier, GE, GKN, Leonardo, Lockheed Martin, MBDA, Rolls-Royce, Safran and Thales, and is supported by the Regional Growth Fund and more than £150m in private investment.

Mr Martin said: "We were the smallest of the beneficiaries. They’ve taken on a company in which they see huge potential, and a lot of the beneficiaries are bigger and stronger than us."