LONDON (Thomson Financial) - Aircraft parts supplier Umeco Plc. unveiled a
20 percent rise in annual profits due to continued good demand in its core
aerospace and automotive markets and said it was well placed for substantial
extra growth.
Umeco, which supplies small parts such as fasteners to jet engine maker
Rolls-Royce Group Plc among others, said adjusted pre-tax profit increased to
21.9 million pounds from 18.3 million previously on an 18.8 percent rise in
revenues to 335.2 million pounds.
Adjusted operating profit lifted by 26 percent to 27.1 million pounds and
the company increased the total dividend by 9.7 percent to 17 pence per share.
Umeco said demand for composite materials in its core aerospace, high end
automotive and wind energy markets remained robust. The group supplies
composites to Formula One teams including Team McLaren Mercedes.
It said there was also buoyant demand for supply chain services, with civil
aerospace order intake continuing to grow and the order books of Boeing Co and
EADS unit Airbus at record levels.
Chief executive Clive Snowdon said the group was now focusing on composites
and its aerospace parts supply chain business following a programme to sell
non-core businesses. It said the contribution to the business of recently
acquired composite operations Lincoln and Primco were ahead of expectations.
"Recent strategic activity and investment has created a lean, well-focused
and financially robust group capable of high rates of organic growth," he said.
"With strong forward order books, this leaves us exceptionally well
positioned for another successful year."
philip.waller@thomsonreuters.com
paw/jlw
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