WILTSHIRE, UK – Contract manufacturer Exception refinanced, securing new facilities and reducing the legacy balance sheet debt by £12.7 million. The deal with Lloyds Banking Group was final June 30.

The firm aims to increase its annual revenues to £70 million over the next two to three years, from last year’s low of £45 million.

“The deal puts Exception in a very strong position for future growth, as it provides new working capital facilities with excellent cash headroom. Most significantly, it improves our debt/equity ratio from 2.3 to just 0.2, having removed £12.7 million of debt from the business, leaving a £2 million term loan repayable over five years,” said CEO Craig Wright.

The company, which employs 350, also recently signed a number of new contracts worth over £5 million per year for its contract manufacturing and bare board operations.

Exception predicts strong growth for its outsourcing services from the green energy, oil and gas, measurement, process control and medical equipment markets.

During the first half of 2010, Asian-manufactured PCB orders grew 20%.