By any measure it’s a Dorset success story.

Expanding, profitable and winning significant new contracts.

Step forward and take a bow Norco Composites & GRP.

The nature of some of its work, especially for the defence sector, may mean that it often has to shun the spotlight.

But that makes the achievements of the 35-year-old company no less impressive.

Headed by Mark Northey, Managing Director, they include:

• Successfully diversifying the business, reducing reliance on its main customer from 78 per cent to 25 per cent in ten years.
• Opening a new 35,000 sq ft production facility at Dorset Innovation Park at Wool after securing a 13-year contract worth £30m.
• Winning a £8m contract from Atlas Elektronik UK to build a fleet of 30 replacement 11-15m workboats for the Ministry of Defence. As the primary composites supplier for the project, Norco is producing the major components for the new vessels including hull, deck, superstructure and associated multipurpose modules.
• Selected by Marine Specialised Technology as its main composite supplier for a £9.9m contract with the Ministry of Defence. It involves the construction of two new vessels to replace fast patrol crafts maintaining the security of British Gibraltar territorial waters.

The latest major contract won by Norco is with MacTaggart Scott which primarily supports the naval defence industry.

Norco’s new facility on the Dorset Innovation Park, one of the company’s six sites.

Worth £3m a year, and £30m over the next decade, it’s expected to create at least 18 new jobs, boosting Norco’s existing 180-strong workforce by a further ten per cent.

Mark, who was appointed MD in 1994, said: “I am very optimistic about the next 12 months, and beyond.

“Like everyone else we’ve faced significant challenges, not least by the pandemic, but I think we should adopt some great British stoicism, roll up our sleeves and get on with the job.”

Norco began life in 1985 when Mark’s father, Bill, a skilled carpenter and boatbuilder, founded the company.

From the beginning Sunseeker International was a major customer, a close relationship that continues to this day.

Within four years, Norco had built a team of 12 but by the time Mark joined the business in 1994, after four years working in insolvency debt management for HM Customs & Excise, the business was taking a heavy personal toll on Bill.

It resulted in Mark, a former student at Poole Grammar School, taking over as MD at the age of 21.

“Amazingly people stood by me and we lost just one member of the team,” he said.

Norco continued to grow under Mark’s leadership but by 2010, Sunseeker – while a highly valued customer – had grown to 78 per cent of turnover while the marine industry accounted for 100 per cent.

A chance meeting with Henry Nicholson-Cole, now a Director with Norco Composites, led to his appointment as Business Development Manager, and moves were stepped up to diversify the business and client base.

They included landing the company’s first long term production job with Thales/L3 to build civil aviation simulators as well as construct eight unmanned planes, each with a 42m wing span, for Facebook.

Other high-profile clients secured included Aston Martin and GE.

Four years ago, Norco was officially split into two with the creation of Norco Composites and Norco GRP.

Norco Composites, which is spread across five sites, specialises in engineered composite structures.

Norco has been selected by Marine Specialised Technology as its main composite supplier for a £9.9m contract with the Ministry of Defence for the construction of two new vessels.

Norco GRP is one of the UK’s largest GRP manufacturers of hulls, decks, and superstructures for the marine industry, supplying around 1,250 different mouldings per week.

Mark said: “Splitting Norco Composites and GRP allowed us to maintain the growth and diversity while also control overhead costs that were growing.

“It’s proved highly beneficial and has allowed us to move into new areas, specifically the defence sector, while reducing our over reliance on key clients.”

Norco, which is based at Holton Heath, now has six sites with an overall capacity of 130,000 sq ft.

Other clients include Princess, RNLI, Siemens and Williams Jet Tenders.

Sectors served include aerospace, automotive, building & construction, defence & communication, marine, medical, mould tooling and renewable energy.

Its latest accounts, for the year ending December 31, 2018, show a pre-tax profit of £551,000 on a turnover of £11.9m.

Mark said the company’s 2020 turnover was likely to be around the £12m but was forecast to hit £14m-£15m in 2021.

“For GRP the intention is to strengthen the skills of the team – project engineering, business development and quality – and to engage with clients with design for manufacture requirements rather than just build to print existing projects,” said Mark.

“A similar goal to 2025 for GRP as we achieved in Norco Composites between 2014 and 2020.”

Key Norco advisers include Warren Munson of business and tax advisers Inspire, Craig Cotton of NatWest and Neil Cook from Ellis Jones Solicitors.

Mark said: “This journey is a lot harder without the back up of superb financial advice and information and the ability to tap into professional services when the business simply couldn’t have the overhead burden of its own team.”

During the pandemic half the business closed as a result of the closure of clients but the remaining half stayed open as defence key workers.

Turning to the future Mark said his top tips for success were:

• People – surround yourself with the best possible team.
• Have a plan – and make sure everyone buys into it.
• Be prepared to take risks – fortune favours the brave.

Warren Munson, Founder of Inspire, said Norco was an excellent example of a client having a sense of direction.

He added: “It had a clear desire to diversify and reduce its reliance on specific sectors.

“It’s been exciting to add our input, support and advice and see the impressive growth of the company.

“We’re very proud to have Norco as a client.”