British technology manufacturer Integral Memory has celebrated the issue of their millionth invoice. It is another milestone for the company best known for its semiconductor-based products, which marked its 25th year with a successful diversification into the growing market for LED Lighting and the official launch of a light testing laboratory.
Announcing a 300% half-yearly growth of its lighting business, the company is set to rise rapidly in a sector recognised as one of the most challenging and dynamic in the world.
The one millionth invoice has prompted a moment of reflection for the founding Directors behind the £50+ million north London-based business. Significantly the invoice in question is for Integral LED lamps and panels ordered by leading online lighting specialist Lyco Direct, which indicates the future path for the business that is poised for another period of rapid development. Eyeing the future, MD Sunil Kotecha foresees increased demand for smart lighting which he predicts will use the same technologies developed in memory, in which they already have expertise.
"Although a challenging sector, semiconductor technology is the market we know best. As our move to LED lighting has demonstrated, we have an ability to thrive in a dynamic international market, a factor that will be key in our future success," said Sunil Kotecha, MD of Integral Memory plc.
A Simple Business Mantra
Riding the fluctuations of a highly dynamic market has become second nature to the company yet the management team profess a simple formula in mastering a commodity market whilst developing class leading products. According to Integral's Marketing Director, Sanjiv Kotecha, the business has always ploughed its profits back into the business, a practice which keeps borrowing low and provides a buffer for the unpredictability of markets in the forthcoming year. The management asserts it takes measured risks and is not given to rapid moves into new markets or territories.
"The approach is to keep our eggs in one basket but to keep a very close watch on the handle", commented Sanjiv Kotecha, he continues, "The other key principle is a stringent approach to quality, for instance in the Far East we seek partners that have a vision, ambitious R&D and thorough regime of quality control."
Their careful selection of manufacturing partners, especially in the Far East is another critical element within their business formula. Many suppliers have remained with Integral since its start-up in the late eighties and as the semiconductor business has expanded. These are relationships based up openness, transparency and mutual trust between both parties. Integral are also committed to British design and manufacturing where possible, with UK developed LED luminaires to be released in 2016.