More than 200 engineering jobs are set to be created in West Sussex in the near future, after one major company announced its intention to grow in the future.
Engineering firm Ricardo, which is known for designing gearboxes for Bugatti Veyrons and engines for McLaren supercars, is hoping to enhance its already world-class reputation in engine design.
It already has the honour of producing the gearbox for the fastest road legal car in the world, the Bugatti Veyron, and it appears it plans do not end there. With orders worth £121 million already confirmed, Ricardo has the ability to expand at a rapid rate in the future.
David Shemmans, chief executive of the business, said: "We are starting 2014 with a solid order book, good order intake in the first two months and a growing pipeline which includes significant opportunities in the passenger car market."
There is currently a wave of positivity surrounding the automobile market, with sales of cars in the US reaching a level in August that is close to a six-year high. Some 16 per cent of Ricardo's business comes from the US, while 48 per cent originates in the UK.
Gideon Adler, an analyst with Investec, told the Daily Telegraph: "The outlook statement reads encouragingly, citing both a positive start to the year on order book momentum and the opportunity to utilise a strong balance sheet."
The engineering jobs Ricardo is set to create would be based in the West Sussex town of Shoreham-by-Sea, which is located just a short distance west of Brighton. It gives engineers on the south coast a new opportunity to hone their skills and succeed in an industry-leading environment.
Ricardo also plays a key role in the world of Formula 1, having delivered around 1,300 McLaren engines and 1,500 gearboxes to the sport in the year to June. Other exciting recent projects include the manufacturing of the first order of 300 Foxhound people carriers to be used in war zones such as Afghanistan.