UK Export Finance’s (UKEF) annual report and accounts, published this week, reveal its support for Welsh exporters resulted in £27 million worth of overseas sales.
One company UKEF has supported is Cardiff based technology company Excelerate, which specialises in providing major incident ground technology, applications and secure networks for emergency services customers across the globe.
Working Capital support from UK Export Finance and Barclays helped the company secure £10 million worth of export orders. This ensured that the company was able retain funds in the business while fulfilling an order to supply multiple incident command vehicles and accompanying services to the Hammad Medical Corporation in Qatar.
David Savage, Group Chairman & Chief Executive said
“Businesses who want to export need to know that they have right finance in place, particularly with long sales and fulfilment cycles such as ours. UKEF’s support means we can afford to pay our supply chain and manage cash flow while continuing to grow the business.”
UKEF’s latest results reveal it has provided £4.4 billion in support for UK exports over the last year, supporting trade with 69 countries.
There was a sharp increase in companies in UK supply chains benefiting from UKEF support due a significant proportion of UKEF business going to industries with strong UK supply chains, with nearly £2 billion for the construction sector and over £500 million for manufacturers.
Secretary of State for International Trade, Liz Truss, said
“This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts.
“Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”
Amy Wilson, Barclays Trade Director, who put the deal together, added
“The success of Excelerate demonstrates how Barclays’ partnership with UKEF can play such a vital role for exciting companies such as this looking to secure overseas buyers for their goods and services. We’re proud to continue working with the UK government, and in doing so helping clients access export finance facilities in support of their growth ambitions, quickly and efficiently.”
Local exporters who want to know more about UKEF’s support are encouraged to contact their local Export Finance Manager Christian Syme on [email protected] or visit https://www.great.gov.uk/trade-finance/
