18 Apr 11. Earnings rise at WFEL – Highlights:
* Underlying profit (ebitda) before exceptionals +12% to £5.9m (2009: £5.3m) following increase in spares and sustainment revenues and operating efficiencies
* Group revenues -9% at £34.8m (2008: £38.4) reflect order cycles under existing contracts
* New two year finance facilities negotiated to secure continued growth
Defence engineering company WFEL Limited, the leading designer and manufacturer of rapidly-deployable bridging systems, has reported profits growth of 12 per cent to £5.9m in the 12 months to 31 December 2010. The company reported an increase in its spares and sustainment revenues in the period supported by its operating efficiency efforts in the year. WFEL also said that its business development initiatives in marketing systems for dual use by both military forces and emergency and disaster relief organisations would provide significant opportunities for revenue growth. The company, which employs around 250 people, said it would continue to invest in its service offerings over the coming year to prolong the lifecycle of its products in military use. Developments may include a doubling in capacity of its existing refurbishment facilities at its Stockport site.
Ian Wilson, Chief Executive Officer of WFEL, said: “We are very pleased with 2010 results which are the strongest the company has delivered in the past five years. During 2010 we saw an increase in demand for our spares and sustainment services and a notable increase in interest from several emerging markets and other export locations to utilise our systems in military, homeland defence and disaster relief situations. He added: “With our unrivalled engineering expertise, pedigree, global reach and market leading position in military bridging, we are well placed to continue our growth.”
WFEL, whose history dates back to Fairey Aviation company established in 1915 to build long range bombers, was the subject of a £48m management buyout in December 2006 backed by private equity business Dunedin. Sales have risen over 60 per cent the last four years from £21.5m.
21 Apr 11. PPG Industries (NYSE:PPG) today reported sales for the first quarter 2011 of $3.5bn, an increase of 13 percent versus the prior year’s first quarter. The company posted double-digit percentage sales increases in each major region, and all reporting segments achieved higher sales volumes and pricing. Reported net income for the quarter increased to $228m, or $1.40 per diluted share. First quarter 2010 sales were $3.1bn, and reported net income was $30m, or 18 cents per diluted share. First quarter 2010 adjusted net income was $115m, or 69 cents per diluted share. First quarter 2010 net income included an aftertax charge of $85m, or 51 cents per diluted share, as a result of a change in U.S. tax law that was part of the U.S. Patient Protection and Affordable Care Act enacted in March 2010. A Regulation G Reconciliation of adjusted net income to reported net income is included below. Operating margins in the Performance Coatings, Industrial Coatings and Architectural Coatings – Europe, Middle East and Africa (EMEA) segments matched those of the previous year, and total coatings segment earnings grew by nearly 12 percent versus the prior year results, he added. (Source: Yahoo!/BUSINESS WIRE)
27 Apr 11. British engineering company Bodycote said on Wednesday it
expected its headline operating profit for financial year 2011 to be at the top end of analysts’ forecasts on demand from heavy truck makers. Bodycote, whose operations include heat treating jet engine turbine blades and other parts for car and plane makers, said sales for the three months ended March 31 were 19.2 percent higher than last year. The company serves the aerospace and defence, automotive, power generation, oil & gas, construction, medical and transportation industries. Analysts forecast a full-year headline operating profit of 55.5m pounds to 76.6m pounds. Body