Gardner flies back into the black

Gardner Aerospace, the components maker that supplies giants such as Airbus and Rolls-Royce, has soared back into the black.

Gardner Aerospace was formed in the 1950s. In the UK, the group has sites in Derby, Hull, Basildon, Pershore in Worcestershire and Broughton in Flintshire.

Newly filed accounts revealed Gardner Aerospace turned over £166.9m in the year to 31 August 2015, up from £110.5m a year earlier.

Pre-tax profit also climbed to £6.7m from a loss of £868,000 while a reduction in administrative expenses pushed operating profit on continuing operations to £10m.

During the year, Gardner secured a £35m asset-based lending facility from the Royal Bank of Scotland (RBS) to support its UK-wide expansion.

Speaking at the time, chief financial officer Tony Millington said: "The aerospace sector is a competitive environment so it is important that we have bank facilities that can keep pace and support our growth."

As well as the RBS package, Gardner also increased its facilities in France, leading to a £9.3m funding increase at its year end.

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