A Bradford engineering firm which took part in a pioneering project to encourage businesses to share resources today backed plans to expand the scheme.

Bronte Precision Engineering was one of six businesses to take part in a pilot of the internet-based Yorkshire Forward scheme which enables firms to trade under-utilised assets.

The website, www.exchange-mr.org, is aimed at businesses in the region which have an excess or shortage of capacity and are prepared to trade online.

Jonathan Smith, financial controller of Bronte Precision Engineering, said the website had been a huge help to the firm, which was only set up six months ago.

"The key is that it helps to balance the peaks and troughs in demand.

"If we have a quiet space then we do have a bit of spare capacity and we can help out other firms who might need to have something done by a deadline."

The project was initially launched among firms in the Yorkshire Forward engineering and metals cluster and will now be rolled out to other industries.

Mr Smith said the scheme had helped Bronte to build towards a £500,000 turnover since June.

"We are a huge supporter of the scheme and think it is a fantastic idea," he added.

"We were very glad to be involved. We get jobs at late notice that would otherwise mean spending £60,000 on a new machine. It allows you to develop a list of firms in which you can have confidence that they can do a job for you."

So far the exchange has 72 registered companies, with an approximate combined turnover of £180 million. The website has already led to potential new trading opportunities between businesses worth £600,000, with a further £250,000 worth of trading under way.

Susan Johnson, Yorkshire Forward's executive director of business development said: "This is a unique way for businesses to increase their productivity by better utilisation of their assets. Investment in capital resources is not cheap and any extra way of getting a return on capital is imperative."