Black Country engineer Eliza Tinsley has flagged up a return to bottom line profit after three years of reorganisation.
It expects an unaudited operating profit for the year to March 31 in the order of £2.23 million before FRS17, exceptionals and goodwill amortisation compared with £1.3 million the previous year.
Brierley Hill-based Tinsley, which switched its stock market to Aim last year, said in a shareholder update yesterday that it would report its full year results in August.
The company, which is split between making kit for construction and agricultural vehicles and consumer products, warned in March that it was likely to miss market expectations.
Debt has been cut by £3.6 million or 18 per cent to £16.7 million despite the extra working capital required to meet rising raw material costs. Tinsley is restructuring and renegotiating its debt to meet the local needs of its North American and European operations. In an update on current trading, the company said a combination of increased demand for existing products and new business wins in North America and Italy had yielded a strong start to both those markets.
Eliza Tinsley's shares closed at 14p up 21/4p.
