Titan reveals positive first half
Titan Europe, the wheel manufacturer based in Kidderminster, has announced a return to profit of £3.49m compared with a loss of £3.9m the year previous year. However, the group’s pre-tax income was a loss of £2.4m.
The company revealed its results in its half-year report to 30 June 2010.
Cash generated from operations rose from £5.7m in the comparable 2009 period to £15.4m in the first half of 2010.
Chief executive, Mike Akers, said: “In line with our global strategy, capital expenditure remains focused on key projects, such as the new undercarriage facility in China and the resizing of our western European manufacturing facilities to reflect geographic changes in volumes and product mix.
“As a result of its restructuring and investment strategy, the group has a demonstrable ability to benefit from increases in volume and the bard believes the business is well placed to benefit from any further upturns in its markets."
