The Single Market | How this has Contributed to Our Success
Penny Hydraulics is delighted to announce a record sales year with an annual turnover of £6.1 Million, almost 10% growth on the previous financial year.
The Chesterfield based company, founded in 1978 employs 78 members of staff. The company started and continues as a family owned business. Over this time it has grown to become the UK’s leading manufacturer of load handling equipment for commercial vehicles, factories and workshops, retail and licensed premises. The company which operates within 22 countries worldwide, designs and manufactures its own products in the UK. These are serviced and supported by Penny Hydraulics own nationwide network of service engineers.
Vehicle mounted equipment sales account for 35% of Penny Hydraulics sales. Products include the Swing Lift range of electric cranes, PH,V and FV hydraulic cranes and the Load Lift, Side Lift and Tail Lift loading platform ranges for use on pick-ups, drop-sides and vans as well as Penny Hydraulics own range of electric winches.
10% of the company’s annual turnover is thanks to sales of load handling devices for commercial vehicles supplied to EU countries (outside of the UK) through their EU chain of distributors. Not only do Penny Hydraulics export widely to the EU, export also forms an integral part of their plan for strategic growth.
Penny Hydraulics have 12 distributors throughout the EU, key markets being The Netherlands, France and Hungary. Distributors hold Penny Hydraulics stock and provide after-sales services including OEM spare parts and Statutory Thorough Examinations in most cases. Distributors are all well connected within the commercial vehicle market, namely commercial vehicle converters, commercial vehicle bodybuilders and auxiliary equipment suppliers.
The single market now consists of over 500 million consumers, the aim being to enable easier access to a wide range of suppliers and consumers, lower unit costs and greater commercial opportunities. Richard Short, Sales Director at Penny Hydraulics comments “there is no doubt that the single market has fuelled Penny Hydraulics growth. It has helped to remove existing barriers to trade within the EU and promotes a business and consumer-friendly environment through transparent rules, which helps give us legal certainty and clarity.”
In the lifting equipment industry, safety is king and Penny Hydraulics sales are heavily legislation driven. European Standards and harmonized standards between EU countries have helped the company to improve safety and drive innovation.
Being part of the single market has also benefitted Penny Hydraulics with regards to the importing of goods. The company announced the launch of their new range of fully hydraulic PH Cranes in April 2015. Introduced to meet the needs of the 1 to 18 tonne UK commercial vehicle market, the PH Crane range offers over 470 models which are imported from an Italian crane manufacturer to the UK. The addition of this new product range is a key component in Penny Hydraulics strategy for growth.