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AerFin, the Caerphilly-based aircraft and spares services firm, is the UK's fastest growing privately-owned firm for international sales.

The business, set up by Bob James in 2010, tops this year's influential Sunday Times HSBC International Track 200 league table - after achieving a huge average annual growth in international sales over the last two years of 664%.

Since the business was launched it has invested more than £65m buying aircraft frames and component parts, which it recycles and then sells or leases to the likes of Lufthansa, Air France and Philippine Airlines.

Its international sales soared to £51.7m in 2016.

And there are three other companies on the list of mid-market private companies, defined as having total sales of at least £25m and international sales of at least £1m.

It is the first year that AerFin has made the list. And it comes after last year being named the fastest growing indigenous firm in Wales when it topped the Wales Fast Growth 50 league table.

There are also three other Welsh companies on the list in:

Chepstow-based steel decking company Composite Floor Deck Group which is ranked 77th, with international sales growth of 53%.

Flintshire-based clothing distributor, Ralawise.com, ranked 114th, with international sales growth of 37%.

Port Talbot-based dietary supplement firm Cultech, ranked 189th, with international sales growth of 18%.

What AerFin does

AerFin 664% Average annual growth in international sales in last two years Total sales £60.9m International sales (2016) £52.8m Sunday Times HSBC International Track 200

Individual parts can be worth more than complete planes when recycled and used in maintenance and repair of older fleets, so AerFin diversified soon after been establishing into buying whole aircraft at the end of their life.

To support this, in 2014 it received an investment boost after American group CarVel took a 80% in the business which employs 73.

AerFin focuses on single-aisle aircraft Airbus and Embrarer regional jets, as well as Embraer regional jets.

The engines are managed at AerFin's Caerphilly base. If they are not serviceable they are broken down into component parts and sold as spares.

In 2015, on the back of the investment, it moved into the airframes sector with the acquisition of a Gatwick-based aircraft components specialists.

It last month acquired 15 aircraft from Saudi Arabian Airlines.

AerFin will lease some of the aircraft, providing operators with guaranteed spare engine, rotable component and tooling support under flight hour agreements.

The Track 200 league table reflects the importance of Europe to Britain’s mid-market exporters ahead of Brexit negotiations. Almost 85% of the companies (167) sell to the continent, the most popular market, followed by North America (112) and Asia (75).

This year’s International Track 200 companies achieved, on average, overseas sales growth of 47% a year over two years to a total of £7.6bn. They employ 97,000 staff, having added 26,000 employees to their combined workforce over the period.

London is the most popular location for company headquarters with 74, followed by the south east (32) and the north west (27)

Of the remainder, 20 companies are based in the Midlands, 16 in the south west, 12 in the north east and Yorkshire, nine in Scotland, four in the East, four in Wales and two in Northern Ireland.

It is sponsored by HSBC and DHL Express, and compiled by Fast Track , the Oxford-based research and networking events firm.

Amanda Murphy, UK head of commercial banking at HSBC, said: “This year’s Sunday Times HSBC International Track 200 is testament to the exciting opportunities available to ambitious Welsh businesses with appetite to grow their goods and services abroad."