Sales rise as Umeco looks to the East
Composite materials supplier Umeco has said revenues increased to £105.7m over the last six months after it opened a joint venture in China.
Sales rose 7.3 per cent from £98.5m in the comparable 2010 period, the Leamington Spa-based company said this morning.
For the six months to 30 September, pre-tax profit stood at £8.3m, a rise on the company's 2010 half-year result of £7.7m.
Despite slower demand from the Chinese wind market in second quarter, Umeco said its joint venture was "an important opportunity" for the company.
Umeco announced last year it would enter into a joint venture with its Chinese distributor Shanghai Leadgo Technology,to found a company called Shanghai Umeco Composites.
The site was opened in September "on budget and ahead of schedule".
During the six months, the company completed its purchase of Fenotec Ges.i.L assets for €2.2m, in a move that Umeco said would "bring us closer to Continental European customers".
Andrew Moss, chief executive of Umeco, said: "In the past six months, we have made significant progress with the successful disposal of Pattonair enabling us to focus on enhancing our position as a leading global composite materials and solutions business.
"We have a focused growth strategy to concentrate on high quality business segments in our key long term growth markets that command attractive margins and to build our footprint in emerging markets."
