20 July 2015
This announcement comes in the week that Chancellor of the Exchequer George Osborne announced the new ‘Catapult in Medicines Technologies’,
The High Value Manufacturing (HVM) Catapult – which drives the growth and success of advanced manufacturing in the UK – has today announced its 2014/15 performance and first findings of a study into its economic impact. This announcement comes in the week that Chancellor of the Exchequer George Osborne announced the new ‘Catapult in Medicines Technologies’, and on the day that Minister for Universities and Science Jo Johnson visits the Advanced Manufacturing Research Centre in Sheffield, part of the HVM Catapult.
The HVM Catapult works with manufacturing companies of all sizes to stimulate and support the commercial application of new technologies through the development of innovative manufacturing processes.
Dick Elsy, CEO of the High Value Manufacturing Catapult, welcomed the findings of this recent economic impact study, which shows that every £1 of government core funding invested in the HVM Catapult, has generated an impressive £15 of net benefits to the UK.
After 3.5 years of operations, the HVM Catapult has received £107m of core funding from Innovate UK, the UK’s innovation agency. This levered £290m of Collaborative R&D income, which in turn generated £1.6bn net benefits to the UK. The report forecasts a further £6bn impact from HVM Catapult work to 2020, subject to continued core funding support.
“These strong performance figures show very clearly that the Catapult model works and that the High Value Manufacturing Catapult is making a real difference to the sector.”
Ruth McKernan, Chief Executive of Innovate UK
Dick Elsy said: “Our biggest vote of confidence comes from the manufacturing companies of all sizes, ranging from small start-ups to large multinationals, who were among the Catapult’s 1,515 industry customers last year. Collectively, they contributed £75m towards using our facilities and our services, which made up almost half of our total income. They tell us patently that the Catapult offer is what they need.” High Value Manufacturing companies already operate at double the productivity of the UK’s average. Working with the Catapult, manufacturing companies can further improve their productivity through the development of new manufacturing processes and techniques.”
One company highlighted in the report said:
“Working with the [Catapult] Centre has enabled us to trial new technologies and techniques to improve efficiency of production, we can trial it in the Centre and then adapt it to the operations – ‘prove and move’”.
Ruth McKernan, Chief Executive of Innovate UK, said “These strong performance figures show very clearly that the Catapult model works and that the High Value Manufacturing Catapult is making a real difference to the sector. The report shows the massive potential our world-class Catapult centres can play in improving UK productivity through their unique offering in the knowledge and technology based economy of the future.”
Bob Gilbert, Chairman of the HVM Catapult, said “The impact report confirms that we generate real value to industry, and to the wider economy. All surveyed businesses would recommend us, and four out of five say that they would not have achieved what they have achieved, without the HVM Catapult. The combination of our unique offer, our level of responsiveness, the calibre of our staff and the resources we make available is very highly rated. As one customer put it: “It has been dramatic…we are getting rewards from our involvement that far exceeded expectations.”