Forgemasters figures defy squeeze

SHEFFIELD Forgemasters has defied the global economic conditions and recorded a rise in pre-tax profits.

The company reported a pre-tax profit of £6.5m for the year to the end of June last year compared to £6.4m in the previous year.

Operating profit at the firm rose from £7.2m to £7.6m despite a fall in turnover from £117.3m to £104.8m.

In a statement accompanying the results, Tony Pedder said the results followed a “difficult year” for the group as recession squeezed demand for its products.

Reflecting on the Coalition Government’s decision to withdraw the promise of a loan made by its Labour predecessor to buy a new 15,000 tonne press, Mr Pedder said: “Whilst we understand that Government expenditures had to be reduced in order to lessen the national debt burden, it is regrettable that our project was amongs those rejected to further that aim.”

Mr Pedder said the company would review the project again early this year.