Insider Media Limited

Titan Europe, the manufacturing giant which has its UK base in Worcestershire, said revenue climbed to £355.2m in its year-end results this morning. Trading profit at the company soared by £32.2m and pre-tax profit was up nearly £45m on its end of year results in 2009. The company said it had experienced recovery in all key markets, particularly construction, and had recovered from its “low point” of losses in 2009.

The company announced a revenue boost of 37.4 per cent on its comparable year-end figures in 2009 – totalling £355.2m against £258.6m the year previous.

Group trading profit was £14.1m against a trading loss in 2009 of £18.1m.

Pre-tax profit for the year was back in the black, standing at £.4m compared with a loss of £41m in the previous year. Profit from operations hit £12.3m, another boost from its 2009 result of a £33.4m loss.

During the 12-month period, the company expanded into Chinese markets through a new facility in Tianjin and won new business including a global supply contract for multi-piece wheels for Volvo Construction.

Cash generated from operations was up 163.5 per cent

Mike Akers, chief executive of Titan Europe, described 2010 as “a year of strong recovery from the low point of 2009”.

He said: “This performance was driven by increased demand from our key customers, and new opportunities created by an extended capability for a wider range of products. We have been able to aggressively pursue these as a result of our engineering expertise and technological leadership.

“The group continues to capitalise on the uplift in its markets with unaudited revenue for Q1 2011 (January to March) at £116.9m, which is 66 per cent above the comparable period of 2010.

“Overall, we are convinced that as confidence grows and recovery is sustained, our markets will continue to improve and Titan Europe is well placed to benefit from this.”