Titan forcasts positive year-end
Titan Europe, which has a UK base in Kidderminster, has said it expects to report revenue of £355m ahead of its year-end results. The result would be £7m more than current market forecasts.
The steel wheel maker said that it had experienced an increase in revenue over the past year in all its key market sectors. It singled out the construction sector, in which sales grew by 47 per cent, and mining, up by 40 per cent.
Revenues in the fourth quarter of 2010 were 69 per cent higher than the corresponding period in 2009, with quarterly revenues in agriculture up 44 per cent, construction up 61 per cent and mining up 104 per cent.
The company said it was “actively pursuing ways to further benefit from its programme of geographic and product diversification”. In a statement, it said: “In particular, we aim to develop further our manufacturing presence in Turkey for Wheels and Brazil and China for Undercarriages. The group is also looking at opportunities to accelerate and broaden the group's presence in mining services.”
