Steel wheel manufacturer predicts results ahead of expectations
WORCESTERSHIRE steel wheel manufacturer Titan Europe has predicted its trading profit is likely to be substantially ahead of market expectations.
The group, which generates 90% of its revenue from overseas sales, said that following its December trading update, which confirmed that its revenues and order book fully supported market forecasts for 2011 trading, the board had reviewed preliminary results for the year ending December 31, 2011.
“Subject to audit adjustments, it is anticipated that group trading profit is likely to be comfortably ahead of market expectations,” said the group in a trading update today.
“In addition, recent changes in taxation legislation in Italy will also benefit the group in 2011 and therefore, it is anticipated that the reported earnings per share for the 2011 financial year will be well ahead of current expectations. Net debt is also likely to be lower than current market forecasts.”
The group said the new financial year also saw it with a strong order book.
“Titan Europe’s continued commitment to innovation and customer support has led to new international business wins which we believe demonstrates the relative buoyancy in the mining sector and reflects the group’s strategy to ‘globalise’; maximising the links created with our clients through technology, quality and service,” it added.
The board said that although it was still early in the new financial year, it believed that the business was capable of further progress during 2012.
The group’s preliminary results are expected to be announced in late March 2012.