ONTIC CELEBRATES RECORD-BREAKING YEAR

Ontic, the Cheltenham-headquartered licensor and manufacturer of complex engineered parts for the global aerospace and defence industries, started 2023 on the back of a record breaking 12-months, including new licensing agreements, investments in capacity and employees.

At the end of 2021, Ontic took ownership of its Staverton site in Gloucestershire, as part of an acquisition and licensing agreement with Triumph. This included transitioning everything from people to product lines, and positioned Ontic to support platforms including the Saab Gripen, Airbus A330 and the BAE Hawk.

The site is now one of the company’s main production facilities. Ontic has also made multi-million dollar investments in its existing infrastructure, adding 20,000 sq ft to its Creedmoor site in North Carolina. Its Chatsworth facility in California will undergo further improvements this year to create more production floor space. This ensures the company has capacity to support existing and new OEM licensor partners and customers around the globe.

Throughout 2022, Ontic secured a lucky 13 exclusive licensing agreements, which will strengthen its global portfolio of highly complex engineered products for the aerospace sector. The new agreements mean the company will continue to support a range of commercial and military customers including Airbus and Boeing Defence.

Ontic recruited more than 350 people in 2022. It grew its UK early careers programme by 300 per cent and is set to double this number again in 2023.

Jaguar Land Rover returns to profit as chip shortages ease

Jaguar Land Rover said it achieved positive free cash flow and profitability in the third quarter as semiconductor supply challenges eased.

Revenues in the third quarter were £6 billion, up 28 per cent reflecting strong model mix and pricing as the production ramp-up of the New Range Rover and New Range Rover Sport continued with 27,456 units wholesaled in the quarter, up from 13,537 in Q2.

Profit before tax in the quarter was £265 million, up from a loss of £9 million a year ago.

Barclays Eagle Labs has been awarded a £12.09 million Digital Growth Grant.

Combined investment from Eagle Labs and the government will increase support for the tech sector so more than 22,000 businesses can benefit from the grant, with at least 80 per cent based outside London, the government says.

Estimates suggest strengthening regional tech industries could grow the UK’s digital sector by an additional £41.5 billion by 2025 and create 678,000 jobs.

Barclays Eagle Labs has delivered growth programmes, business mentoring and events to start-ups and scale-ups since 2015. Its growing network already supports businesses through 38 physical sites, including one in Oxford, as well as virtually across the country.

As a result of Barclays Eagle Labs winning the funding, Tech Nation – which has been supporting tech growth across the UK since 2011 and relied on government funding to continue – will cease operations at the end of this month. Tech Nation said that its remaining activities are not viable on a standalone basis.

The company said it continues to see strong demand for its vehicles. As at 31 December 2022, the total order book increased to 215,000 client orders, up around 10,000 orders from 30 September 2022. Demand for the Range Rover, Range Rover Sport and Defender remains strong and represents 74 per cent of its order book.

The company is o ering a record number of degree apprenticeships this year.

As the manufacturer opens 300 places on its 2023 apprenticeship scheme, it said 150 of those will be degree apprenticeships - a 70 per cent increase on last year - to deepen its talent pool with digital, autonomous and electrified skills.