Net debt climbs £10m at Titan as profits return to black
NET debt at Worcestershire steel wheel manufacturer Titan Europe has increased by £10m as the company’s pre-tax profit returns to the black.
In its half-year results for the six months ended June 30, 2011, the Kidderminster plc has seen net debt climb year-on-year by £10.3m to £138.7m while pre-tax profit has gone from £2.4m in the red to £15.8m.
Titan designs, develops, manufactures and distributes products and services for the global mining, construction and agricultural machinery markets across two divisions, wheels and undercarriage.
Revenues have increased by £86.3m to £253.1m and trading profit has also climbed by £14.5m to £18m.
Operating profit increased by £15.2m to £17.8m and profit for the period moved from a loss of £2.1m to £11.5m in the black.
The update said: “Volume increases are a result of underlying improvements across the three key sectors, but also shows our refocus on mining as an industry and on specific product types to differentiate our business, emphasise our competitive edge and increase market share.”
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