Business grows 10% year on year
Revenue at 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 have surged 10 per cent during its latest financial year.
Mettis Aerospace, which can trace its roots back to the 1930s, has posted a revenue of £82.5m, up from £75m, in the year to 31 December 2018.
The company, which moved to Redditch in 1938, said the rise reflected growth in sales of products for new and next generation aircraft and engines as well as increased build rates.
Its underlying EBITDA also rose by £600,000 during the same period to £14.6m.
Mettis Aerospace's operating profit totalled £9.4m, down from £10.8m, due to a number of one-off restructuring costs and increased costs associated with introducing an "unprecedented" number of new products to the market. Its pre-tax profits also went from £10.3m to £8.6m.
A total of £6.3m was invested during the year in further equipment, technologies and site enhancements.
The company started life as High Duty Alloys and is a supplier of high-performance components to the aerospace, defence and other specialist markets.
A statement issued by the company said:
"Despite ongoing economic uncertainty in the UK, Mettis continues to harness opportunities to succeed and grow by driving performance and innovating.
"Long-term agreements are in place with many customers, giving the company excellent visibility of future demand and growth.
"The outlook for the civil aerospace market remains positive as travel volumes continue to increase.
"Growth of around 5 per cent per year is expected for both passenger and cargo traffic, with highest growth rates anticipated in the Asia Pacific region and China with India, the Middle East and Latin America closely behind.
"Mettis is positioned on virtually all major civil aerospace programmes. It is particularly well represented on single-aisle programmes which are expected to make up 70 per cent of new aircraft.
"The company continues to invest in new equipment, technologies, facilities and people to ensure that it can take full advantage of the many opportunities created by this growth."
In February 2016, the business was acquired from Saints Chamonix by Stirling Square Capital Partners for an undisclosed sum.