UMECO, the Midlands-based international provider of supply chain services and advanced composite materials to the aerospace and defence industries, has seen its revenues and profits recover.
In June, it announced a 12.6% drop in pre-tax profits, but in its interim results for the six months to 30 September, the group posted a 12.1% increase year-on-year. However, the group said underlying performance remained constant, taking into account exchange rate fluctuations and other measures.
Revenues were up 9.4%, and the group also reported a £15m reduction in net debt.
The results for continuing operations excluded ACG South Africa, the trade and assets of which were divested in July 2010.
Chief executive Clive Snowdon said the results showed good growth in revenue, profit before tax and earnings per share, and announced an interim dividend increased by 3.8 per cent.
With a 6.5% increase in its order book since 31 March 2010, Mr Snowdon said Umeco had survived the recession. He said: “We have weathered the effects of the economic downturn well. We have a growing order book, underpinned by expanding relationships with our key customers and have secured a number of new contracts that will drive our future growth.
The first half reduction in net debt and leverage, coupled with our improving trading prospects, has given the Board the confidence to raise the interim dividend.”
