Umeco chief sees sales hit due to lower demand
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UMECO, the group which provides parts for wind turbine blades, Formula One team cars and big commercial airplane makers, said yesterday its half-year profits slumped.
Pre-tax profits hit £6.1m for the six months to end of September, down from £11.6m in the same period last year, as its composites arm was hit.
Chief executive Clive Snowdon said the group had saved £3m due to its cost cutting programme, and added he was seeing “definite signs of recovery”.
Snowdon added that sales were down because wind turbine makers couldn’t get project financing, motor sport teams put orders off and demand for its materials from business jet makers fell following a slump in demand for the jets themselves.
He reiterated he was confident about the long-term outlook for the firm, which also supplies parts for engine maker Rolls-Royce, but that market conditions remained tough.