News

Umeco H1 profit surges 60%

04 November 2008 07:52:00

Aircraft components group Umeco said half year adjusted pre-tax profit soared 60% and it remains confident of continuing growth despite slowing demand from the aerospace industry.

Adjusted profit before tax increased to £13m in the six months ended 30 September 2008 from £8.1m the year before. Sales for the period increased to £197.2m from £148.9m previously.

Umeco, which supplies aerospace & defence, motor sport & automotive, and wind energy markets, said the strong results were in part due to its change in strategy supplying larger and faster growing business activities of Composites and Supply Chain.

Umeco sold off its smallest business activities, Repair & Overhaul and the aerospace chemical distribution businesses.

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

Despite the negative backdrop for the aerospace industry, amid the global economic downturn, the group remains confident of continuing growth, it added.

An interim dividend of 6.5p has been declared, up 8.3% from last year.

All data suppied by Digital Look (15 minute delay)




Risk Warning

There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.