Sales and profits rocket at Umeco
Aerospace parts supplier Umeco has recorded pre-tax profit of £16.4m in the year to 31 March, it revealed this morning. The Leamington Spa-based company said the period had been "a transformational year".
Pre-tax profit soared 26.2 per cent on its 2010 year-end results. Operating profit was also up 17.5 per cent to £19.5m.
Revenue came in at £207.4m, an 18.6 per cent hike on its 2010 result of £174.8m.
The results come weeks after the company announced it would sell its supply chain business, Pattonair, for about £146m. Umeco said the proceeds of the sale, which was announced on 20 May, would be used to reduce net debt.
This morning, the company revealed net debt had shrunk from £79.6m to £74.3m up to 31 March.
Disposing of the supply chain would has created a "focused, advanced composites business with attractive growth opportunities", said Umeco this morning.
Andrew Moss, chief executive, said: "Umeco performed strongly in the year, reflecting the gradual improvement in the global market conditions and the impact of the strategic decisions we have taken. We look forward to making further progress in 2011/12.
"The increasing use of advanced composite materials in our core markets of aerospace and defence, wind energy, recreation and automotive offers an exciting long-term growth opportunity for the group."
