Pattonair's profits surge by more than £55m as Derby-headquartered Pattonair returns to the black.
Turnover has surged by more than £55m at Derby-headquartered Pattonair, which provides services to the aerospace and defence industries. The company also returned to the black. Pattonair provides distribution and supply chain management services, including sourcing, inspecting and delivering a range of products such as bearings, fasteners and seals, and counts Rolls-Royce as a major customer.
New accounts filed for Pattonair Holdings revealed turnover climbed to £320m in the year to 31 March 2017 from £264.3m from 2016. Pattonair said the hike was due to the full-year impact of a number of contract extensions and new deals in the previous financial year. Pre-tax profits also rose to £5m from a loss of £8.8m.
A statement signed off by the board added: "The group has now signed new contracts with all the major solutions customers which extend at least until 2020 and in most cases for longer. "In addition, the new direct strategy has increased the level of long-term agreements and repeat orders from ongoing customers, which ash led to a sustained increase in the long-term order book and level of repeat orders.
"There is now a significant sales pipeline under active negotiation with existing and new customers."
In August, Pattonair was sold to US private equity house Platinum Equity. The deal provided an exit for Pattonair's former private equity backer Exponent Private Equity, which acquired the business for £140m in 2011.
Globally, Pattonair has operations in Germany, Poland, Italy, France, Singapore, China, Canada, the US and Brazil.
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