Pattonair sale secures sure footing for Umeco
REVENUES have climbed and net debt tumbled at Warwickshire composites group Umeco following the sale of its supply chain business.
The Leamington Spa firm, which provides advanced composite materials to the aerospace, defence, wind energy and automotive industries, reports today a net cash balance of £10.5m.
It is a significant climb year-on-year from £64.8m in the red, following the sale of its Pattonair supply chain business during the summer.
The plc has seen revenues climb from £98.5m to £105.7m, which it said had not been adversely affected by a slower demand from the Chinese wind market in the second quarter.
Also in its half-year results for the six months ended September 30, 2011, adjusted operating profit climbed slightly from £9.2m to £9.4m while pre-tax profit also rose, from £7.7m to £8.3m.
It also launched a joint venture in China in September, which it said was “on budget and ahead of schedule”, and would help establish a presence in the world’s largest wind energy market.
Chief executive Andrew Moss said: “We have delivered a solid first half performance with profits in line with our expectations.
“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 also acquired high quality assets for our new business in Germany.
“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.
“While the macroeconomic environment makes the short term outlook less predictable, we remain confident in achieving a full year result in line with our expectations.”
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