WORCESTERSHIRE steel wheel manufacturer Titan Europe has returned to profit after expanding into new markets and securing a global supply contract with Volvo.
In its preliminary results for the year ended December 31, 2010, the Kidderminster firm has seen trading profit swing from loss of £18.1m in 2009 to £14m in the black.
Revenues for the full year are £355m, up from £258m, while pre-tax profit was £3.4m compared to a loss of £41m in 2009.
Net debt has also been brought down by £15.2m but still sits at £132.8m.
The statement said Titan had enjoyed a recovering in all key markets, particularly construction, and had expanded into Chinese markets through its new Tianjin facility.
It added that it had grown its foundry capacity into high-speed train brake components and had secured a global supply contract for 25-inch multi-piece wheels for Volvo Construction.
Chief executive Mike Akers said: “2010 was a year of strong recovery from the low point of 2009.
“This performance was driven by increased demand from our key customers and new opportunities created by an extended capability for a wider range of products.
“We have been able to aggressively pursue these as a result of our engineering expertise and technological leadership.
“The group continues to capitalise on the uplift in its markets with unaudited revenue for Q1 2011 at £116.9m, which is 66% above the comparable period of 2010.
“Overall, we are convinced that as confidence grows and recovery is sustained, our markets will continue to improve and Titan Europe is well placed to benefit from this.”
