Thinking FASTeners….

As we head into the third quarter of 2024, we are delighted to give an overview of all things Rapid!

Overview:

During the first half of 2024, we’ve experienced significant growth, with our turnover rising by 20% to £3.45 million, driven by a blend of strategic initiatives. Our unwavering focus on customer satisfaction, which is at an all-time high, has been a key differentiator for us. By prioritising outstanding service and actively engaging with our customers to understand their needs, we’ve cultivated a loyal customer base that continues to grow. Furthermore, increased investment in both stock holding for standard fastener distribution and plant and equipment for manufacturing have further supported our growth and expansion.

Legislation:

At Rapid, we continue to keep up to date with new and changing legislation. This year has been especially challenging due to the introduction and implementation of EU-driven sanctions on Russian goods and the forthcoming Carbon Border Adjustment Mechanism (CBAM).

Sanctions against Russian goods – according to Article 3g) 1. (d) of Council Regulation (EU) 833/2014

Rapid have complied with EU regulation regarding sanctions against the supply of Russian goods, raw material or processes and have robust procedures and documentation in place to ensure all goods supplied to us comply.

CBAM:

By engaging a specialist consultant, we will be able to provide all necessary documents and carbon intensity emission figures for our EU customers, covering both our standard stocked products and our own UK-manufactured items.

Please do contact Richard White or Jason Hayfield if you require further information.

Manufacturing:

Our capacity and capability are ever increasing – March saw the expansion and opening of our second manufacturing site and the acquisition of two Sliding Head CNS’s (Star SB16 and Citizen CinCom 32) and another CNC Polygon Turning Centre. Altogether, we now have forty-one machines across our two manufacturing sites.

In August, we’re excited to welcome Hal, our newest manufacturing team member, who will join us as our Senior CNC Programmer and Operator. With 18 years of experience, Hal is set to enhance our manufacturing processes and capabilities at Rapid.

Distribution (standard stocked product):

We have seen record volumes delivered to our UK, EU, and North/South American customers due to our stock holding, responsiveness, and flexibility. We have supported large Solar projects, defence, infrastructure, utilities, construction, offshore and general manufacturing.

Despite our successes in 2024, the year has been highly challenging due to disruptions in sea freight routes, which have impacted transit lead times, as well as the capacity and availability of vessel space. Sea freight charges for containers have more than doubled in price during 2024, significantly impacting on the price of low value fasteners.

At Rapid, our high stock holding has meant our stock levels have in the large remained robust, and as a result we have been able to maintain supply across the board. In several instances for specialised product, we have had to arrange airfreight for China and India. This has been unfortunate, but it demonstrates our commitment and in ensuring customers production lines do not stop.

Due to the variety and mixture of parts imported, we can fill containers with higher-than-average total values meaning the increased sea freight charges are somewhat mitigated.

Summary:

Looking ahead, we’re enthusiastic about the opportunities the coming year presents and confident in our potential for continued business growth. With our solid foundation and past successes, we are committed to delivering on an exceptional service and expanding our capabilities, ensuring that the momentum of progress and achievement continues.