Aerospace parts manufacturer flying high
Posted on 08 Oct 2019 and read 1041 times
Worcestershire-based Mettis Aerospace, which supplies aerospace components to customers that include Airbus, Rolls-Royce and Boeing, has achieved a 10% year-on-year increase in its sales (to £82.5 million); this reflects on-going growth in sales of new and next-generation aircraft and engines, as well as increased build rates.
The company’s (www.mettis-aerospace.com
) operating profit for the financial year was £9.4 million, down slightly on the previous year due to a number of one-off restructuring costs and the costs associated with bringing an unprecedented number of new products to the market.
The company invested £6.3 million during the year in new equipment, technologies and site enhancements, as part of a £25 million investment programme that is in its advanced stages.
The company says that the outlook for the civil aerospace market remains positive, as travel volumes continue to increase.
Growth of around 5% per year is expected for both passenger and cargo traffic. This means that the existing world airline fleet is forecast to increase from the current 24,400 aircraft to 48,540 by 2037.
Mettis products are found on virtually all major civil aerospace programmes and are particularly well represented on single-aisle programmes, which are expected to make up 70% of future new-aircraft orders.
CEO Gordon Fraser said: “Despite on-going economic uncertainty in the UK, Mettis continues to harness new ways to grow, by driving performance and innovating.
"We also continue to invest in new equipment, technologies, facilities and people, to ensure that we can take full advantage of the many opportunities created by this growth.”