Formula also walked away with the High Growth Award for demonstrating significant growth in international trade at a sustained level.

Formula’s Mark Merritt, group managing director, and Richard Balding, chairman, accepted the award from Jeff Alexander, an executive director of the South East of England Development Agency (SEEDA), and Richard West, formerly of McLaren and Williams Formula 1 teams.

‘We are delighted that our efforts have been rewarded,’ said Merritt. ‘This shows what can be achieved by a hard working and dedicated team and demonstrates our commitment to global markets. Our export turnover has increased by nine-fold since 2004, which now accounts for nearly 70% of our total turnover.’

The award follows the company's acquisition of Black Flag Composite in France, which has greatly expanded its European base and led to Formula being recognised as one of the most technically advanced composite companies in Europe.