Umeco sees profits hike despite aerospace downturn

AEROSPACE parts manufacturer Umeco said today profits had more than doubled despite the impact on the aerospace industry of the global economic downturn.

The group, which is based in Leamington Spa and has its Aerovac factory in Keighley, also said it had won a five-year parts supply contract from the mission systems division of Alliant Techsystems.

Announcing its interim results Umeco’s pre-tax profit in the six months to September 30 rose by 60.5% to £13m. Turnover rose 32.4% to £197.2m.

Looking ahead the group said, despite concerns over the availability of funds for aircraft financing, it was optimistic due to strong order backlogs at EADS unit Airbus and Boeing.

The group, which supplies parts to aerospace companies and makes composite materials for aircraft and Formula One racing cars, said civil aerospace passenger numbers had fallen due to the weakening world economy and there were some concerns about availability of funds for aircraft financing.

Chairman Brian McGowan said despite the negative backdrop Umeco remained remain confident of “continuing growth”.

Chief executive Clive Snowdon said: “Umeco Supply Chain continues to see growth in the UK, Europe and US, and has a healthy pipeline of significant potential contracts from both current and prospective customers.”