Metalrax is back in the black
Birmingham-based engineer Metalrax has returned to profit, it revealed this morning. Following a pre-tax loss of £2.7m in its 2009 results, the specialist engineering supplier recorded a £2.1m profit in its year-end results for 2010.
The company released its annual results for the year ending 31 December 2010 through the London Stock Exchange this morning.
The company made a profit after tax of £300,000, a marked improvement on its 2009 loss of £11.5m.
Revenues were up 7.1 per cent to £65.5m, and rose 16 per cent year-on-year.
Cash generation from continuing operations stood at £4.2m, up from £2m in 2009.
Metalrax’s chairman, Andrew Walker, said: “The board is encouraged by last year's performance and believes that the group is in a good position to further grow profitability in 2011. The group’s order books have continued to strengthen and should support this year's growth.”
