Interview
funding from Clydesdale and Yorkshire Bank as they can see them as an expanding business. Ady explained: “At the end of 2016, we had some debts on our balance sheet which was provided by our existing shareholders and a syndicate of investors from Singapore. And what we were able to do was issue a preference share which entirely cleaned up our balance sheet. In October 2016 we got rid of all our debt from our balance sheet by issuing equity and our shareholders want to put the company in the best possible position moving forward given our commercial and operation traction. They wanted to give us the ability to have a clean balance sheet so we can bring in a more high-street traditional bank-style lending which lead us on to be able to negotiate with the Clydesdale and Yorkshire Bank to bring in that £10m facility at the beginning of Q2.
“What this funding has given us is the facility to ramp up the business this year. It gives us the working capital for the foreseeable future as we ramp up the business through the rest of 2017 and into 2018 to build the equipment that goes into our customer’s factories.” Moving more towards a waterproof solution is something P2i is working on as their next
generation coating. “We have spent a lot of time in the past 12 to 18 months really fine-tuning our next generation coating that will deliver us an IPX7 solution via a coating solution,” said Ady. The company is hoping to launch this at the end of 2018.
Ady continued: “We are developing that next generation coating which will see us move up the water protection market to a much higher level protection which will be a lot closer to waterproof. At that level, it will enable us to open up a whole load of technical markets like automotive and healthcare areas where there are very clear technical specifications that you have to meet. With our standard technology we are able to improve the reliability of devices in such a significant way for things such as mobile phones and hearing aids but we are not completely waterproof. So the next generation of our coating technology enables us to go up to that level of waterproof and once we have got that level of technical specification it opens up all sorts of markets where you have to meet a certain level of technical specification to be adopted.”
www.p2i.com
www.cieonline.co.uk
Components in Electronics
June 2017 13
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