Hyde Group enjoys 31% lift in earnings

ENGINEERING firm Hyde Group enjoyed a sharp rise in profits last year.

Newly-filed accounts for Hyde Industrial Holdings show the group made pre-tax profits of £13.4m, up 31% (2011: £10.2m), on sales of £113.2m (2011: £107.1m) in the 12 months to the end of September.

Manchester-based Hyde was founded in 1968 and currently employs around 840 staff in three main trading divisions – tooling, engineering and aeroproducts.

It has sought to diversify in recent years and has worked on manufacturing projects for Crewe-based Bentley Motors as well as building pylons for Rolls Royce.

Private equity firm 3i had held a minority stake in the group for more than 20 years, but it is understood to exited in 2010. It is now owned by its management.

In their report the directors said: “In view of the volatility and the general global decline being experienced within the aerospace industry, the directors consider the results for the year are acceptable.”

The group paid dividends of £3.2m, down from £16.6m last year.