Umeco reveals surge in profits as demand returns strongly
Manufacturer Umeco has revealed a 9.4 per cent surge in sales as demand has returned to the aerospace and defence industries.
Leamington Spa firm Umeco (UMC) posted sales of £217.2 million for the six months to September 30, compared to £198.5 million last year.
Adjusted pre-tax profits increased by 12.2 per cent, to £11.1 million, after a successful year for the company.
Umeco also revealed a reduction in net debt, from £79.6 million on March 31 to £64.8 million on September 30.
Chief executive Clive Snowdon 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.”
Mr Snowdon said the firm was on track to meet expectations in the full year to March 31.