Metalrax making good progress
ALVECHURCH engineering firm Metalrax says it is on a firm footing two and a half years after it warned it could go under.
The niche supplier of specialist engineering and consumer durable products today provided a trading update prior to the release of its preliminary results on 19 March 2012 for the year ended 31 December 2011.
It says its performance will be in line with market expectations. Cash flow from operations continues to be positive and Metalrax says it has continued to make good progress in reducing net debt.
Looking ahead, the group says it has seen some weakening in forward order books but it is too early to say whether this is the start of a trend. It says it will continue to focus on growth initiatives, margin improvement, overheads, working capital controls and prudent asset investment.
It is far cry from the picture in June 2009 when Metalrax chief executive Andrew Richardson said it would be unable to continue as a going concern unless re-financing discussions with its bankers were successful.
In other news, Metalrax has announced that Caroline Green is to become its finance director with immediate effect. She has been a member of the senior management team at Metalrax since 2008, where as director of corporate development she has been responsible for non-core asset disposal.
