STEEL wheel maker Titan Europe said today it expected to report revenues of £7m ahead of market forecasts for the full year.
In a trading update, the Kidderminster-based firm reports that since November it has enjoyed strong Q4 performance and expects full year revenues to be £355m.
Results for the year ended December 31, 2010, are expected in April.
The statement added: “The group has seen an increase in revenue in 2010 over 2009 in all its key market sectors but particularly in construction, up by 47%, and mining, up by 40%.
“It is pleasing to report that revenues in the fourth quarter of 2010 were 69% higher than the corresponding period in 2009, with quarterly revenues in agriculture up 44%, construction up 61%, mining up 104% and ‘other’ up 375%.”
This final figure was as a result of the increased penetration of the railway brake component business, it added.
Titan said net debt would be lower than as at the end of 2009 by approximately £10m despite a “substantial increase in business activity”.
The company said its schedules for the early part of 2011 showed that its order books were growing and it was actively pursuing ways to benefit further from its programme of geographic and product diversification.
This included developing its manufacturing presence in Turkey for wheels and Brazil and China for undercarriages.
