Export sales make profit for Metalrax
Birmingham manufacturer Metalrax is back in the black after securing profit after tax of £100,000 in its interim results this morning.
The company had made a £400,000 loss after tax in its comparable results in 2010.
Metalrax said the boost was largely due to the growth in export sales in its specialist engineering division.
Ongoing revenues for the six months to 3 July also rose from Metalrax's 2010 results, increasing from £26.6m to £31m.
Net debt more than halved from £12.7m to £6.1m during the period.
Andrew Walker, chairman of Metalrax, said: "The strong revenue growth from the Specialist Engineering division is encouraging and the price rises implemented throughout the first half should be reflected in an improved margin being reported in the second half.
"Taking the group as a whole, the board expects to meet market expectations for the full year."
