An innovative tech company targeting a £10m turnover that just three years ago was a two-man band based in a garage in Merthyr Tydfil has received royal approval after being presented with a renowned Queen’s Award in recognition of its exceptional international performance.
Treforest-based Laser Wire Solutions designs and builds laser powered equipment that strips the insulation from wires and cables, no matter the size or complexity.
In providing solutions that are innovative, that save time and money, as well as improve product quality, its customers in the medical, automotive, IT, defence and aerospace markets can create more sophisticated products that save lives, advance methods of transportation and communication, as well as improve the environment.
A core application is the manufacture of state-of-the art medical devices for treating conditions such as cancer, heart conditions and epilepsy. These key-hole surgery catheters contain tiny hair-like wires to transmit electrical signals. Laser Wire Solution’s equipment is used by the device manufacturers to precisely remove coatings from these wires during the manufacturing process.
Its international success has led to the company doubling its staff headcount to 28 and trebling its turnover to £5.1m in the last twelve months alone – an impressive growth that has resulted in Laser Wire Solutions being identified as the fifth fastest growing manufacturing company in Europe in this year’s FT1000 fastest growing companies list.
The Queen’s Awards for Enterprise are highly prestigious awards for outstanding achievement by UK businesses in the categories of Innovation, International Trade and Sustainable Development. The awards, which are made annually by HM The Queen, are given for the highest levels of excellence demonstrated in each category.
Laser Wire Solutions picked up the coveted title following an exceptional period of growth and overseas earnings, with exports accounting for 99% of its trade.
Paul Taylor, Chief Executive Officer and Founder of Laser Wire Solutions, said:
“Receiving the Queens Award for International Trade is a fantastic recognition of the hard work and innovation that our team has put into this business. The last two years have been pivotal in terms of sales and growth and we hope to continue the year on year growth we have experienced. It still seems amazing that only three years ago the business was a two-man band being run from a garage under a railway line in Merthyr Tydfil.
“We’re proud to be flying the flag for Wales on an international scale and this award gives us the credibility to further expand our business with customers overseas. Our aim is to reach £10m turnover in the next two years through international exports.”
Established in 2011, Laser Wire Solutions has attracted investment from the Development Bank of Wales and the Welsh Government (assisted in particular by the Accelerated Growth Programme), helping to get the business off the ground and support its continued growth. After a brief development phase, the company began making a name for itself as an innovative partner to global blue-chip medical device manufacturers with household names. In addition to its core medical market, it is also expanding in applications for the wiring systems used in cloud computing, electric vehicles and space exploration.
Thanks to its growing reputation, Laser Wire has quickly gained the attention and interest of key players in the industry, including multi-national wire processing business, Schleuniger AG, part of the Metall Zug group headquartered in Switzerland, which has recently acquired a 20% share in the business. This partnership will enable the Welsh company to diversify and expand its export presence, particularly within the automotive sector – a core market for Schleuniger.
Following a highly successful year, the company is now looking to expand its offerings even further. Paul said: “It’s amazing to work with a great team building a real success story for the UK. We are excited to see where the next few years will take us.”