OXFORD-BASED Unipart has seen its profits rise significantly last year.

John Neill, chairman and chief executive of the Cowley-based firm, offered an upbeat assessment after figures showed its operating profit had grown from £8.4m to £28.8m.

Mr Neill highlighted £30m investment in manufacturing at the firm’s Coventy plant along with the continued roll-out of its efficient production and management system known as the Unipart Way as being major reasons for the success.

He said: “The Unipart Way has helped us win new business in countries such as India, Australia and Russia.”

Unipart employs about 1,000 workers at its headquarters off Garsington Road where Mr Neill said new contracts were being won for the logistics business which it operates on behalf of major retailers including DIY company Homebase and media giant Sky.

Mr Neill added: “We are seeing some exciting growth in business which bodes well for Oxford.”

Annual turnover at the firm exceeded £1bn.

In a bid to grow the business further, Unipart has opened its fifth logistics centre in China and its third distribution centre in India. It employs 10,000 people globally.