With planning permission for further expansion submitted for approval and proposals to create more jobs, the company could reach its goal even sooner than hoped.
The accounts, which cover trading for six months to the end of September 2015, put the company on course for £4m turnover this year. This closely tracks the company's plan to expand to an annual turnover in excess of £10m within five years.
Since then, it has spent more than £10m on new machines and specialist engineering equipment. Headcount is up to 40 and they plan to recruit 15 more within two years.
MGS Technical Plastics managing director, John Sturgess said: "It's an incredibly exciting time for our company, with unprecedented levels of investment being rewarded with sharp increases in sales. Our target of £10m turnover seemed a lofty ambition when we first made the commitment, but we've made great progress and all indicators are that we are actually ahead of expectations."
Sturgess said the main growth areas were the automotive sector, returning customers and reshoring - where skilled manufacturing work is brought back home to Britain.
"Over the last 12 months we have seen an increasing number of customers bring business to our home market rather than reach out to overseas suppliers," he said. "They now appreciate that we can provide better quality, quicker turnaround, lower transport costs and more convenient stockholding levels.
"Our customers are reassured that we're ‘just down the road' so they can talk to us personally and review modifications and improvements quicker than ever before."
MGS Technical Plastics is a leading UK manufacturer of plastic injection mouldings, supplying a wide range of customers in a wide range of markets including medical, hygiene, security, safety, and electronics. To visit their website click here.