Revenues take off for aircraft parts specialist

AEROSPACE parts supplier Umeco has posted a four per cent rise in first-quarter revenues and said it continues to see a recovery in order intake.

Following the Farnborough airshow, Umeco said the orders for 555 civil aircraft announced by Airbus and Boeing were ahead of expectations and bode well for prospects in the civil aerospace market.

Umeco, which makes composite materials for Formula One racing cars, said its order book at June 30 stood at 240.5m, up from 219.9m last year.

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Net debt at the end of June stood at 105.3m, down 19 per cent from 130.2m last year.

The company, which has its process materials Aerovac factory at Keighley, said it continues to trade in line with expectations.

Umeco said that the growth in the structural materials division reflects improving conditions in the aerospace market.

The process materials division has benefited from the wind energy market recovering more rapidly than anticipated and from higher demand levels from the civil aerospace sector.

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The group said the small decline in supply chain primarily reflects a continuation of previously reported weakness in European civil aftermarket demand.

Umeco said that management actions to improve working capital ratios are having a positive benefit.

The group expects trading in the six months to September 30 to be broadly consistent with the six months to September 2009.

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