Umeco hails an outstanding year

AEROSPACE parts supplier Umeco yesterday reported a “transformational” year in which its turnover and profits increased.

Umeco employs around 50 staff at its process materials Aerovac factory in Keighley, West Yorkshire.

The company said the sale of its supply chain business would enable it to focus on composites, which Umeco believes has attractive growth prospects. In the year ended March 31, revenue from continuing operations increased by 18.6 per cent to £207.4m. Adjusted operating profit from continuing operations rose by 17.5 per cent to £19.5m.

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Andrew Moss, chief executive, said: “Umeco performed strongly in the year, reflecting the gradual improvement in the global market conditions and the impact of the strategic decisions we have taken. We look forward to making further progress in 2011/12.

“The increasing use of advanced composite materials in our core markets of aerospace and defence, wind energy, recreation and automotive offers an exciting long-term growth opportunity for the group.”

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