Mettis reports a rise in both turnover and profits for its latest financial year, a turnover of £75m for the year to 31 December 2017, up from £67.9m in 2016.
A Worcestershire-headquartered manufacturer which was involved in the Spitfire programme and now supplies aerospace components to the likes of Airbus, Rolls-Royce and Boeing has reported a rise in both turnover and profits for its latest financial year. The company's chief executive also exclusively told Insider that it is working on acquisitions in the UK, Europe and the US. Mettis Aerospace, which can trace its roots back to the 1930s, has posted a turnover of £75m for the year to 31 December 2017, up from £67.9m in 2016.
The company, which moved to Redditch in 1938, also posted pre-tax profits of £10.3m, up from £5.5m. Mettis' chief executive Gordon Fraser also told Insider that between 20 to 25 new jobs could be created in the next 12 months. Mettis Aerospace started life as High Duty Alloys and is a supplier of high-performance components to the aerospace, defence and other specialist markets. It now employs more than 500 staff at its 1.2 million sq ft base on Windsor Road in Redditch and is one of the largest employers in the town.
Fraser said: "We are very pleased with the results as there was some good growth and progress. We are in a good financial situation considering global uncertainty over issues such as Trump and Brexit. Our top line is expected to grow by up to 13 per cent this year while our bottom line could grow by 15 per cent as well. We are looking at making acquisitions in the UK, Europe and the United States over the coming year."
A statement signed off by the board said:
"The outlook for civil aerospace original equipment remains positive as passenger travel volumes continue to increase. Long-term agreements are in place with many customers which gives the company excellent visibility of future demand and growth. Overall growth in demand is still expected to average around five per cent for both passenger and cargo traffic. The highest growth rates are expected to be in the Asia Pacific region and China with India, the Middle East and Latin America following closely behind. This anticipated growth means that the existing world airline fleet is forecast to grow from the current 21,600 aircraft to 43,560 by 2034. Mettis Aerospace has positions on virtually all major civil programmes and is particularly well represented on the single aisle aircraft which are expected to account for around 70 per cent of the new aircraft required. With a strong position in both engine and airframe component manufacture and a growing order pipeline, the directors consider that Mettis Aerospace is well placed for the future."
For more information click here.