West Midlands aerospace and precision engineering group Hampson Industries was in upbeat mood yesterday after swinging back into the black.
The group, which employs around 150 people at its Bromford Gate facility in Birmingham, posted a pretax profit of £400,000 for the year to March 31 compared with the previous year's loss of £1.8 million. Turnover climbed 13 . 4 per cent, from £68.6 million to £77.8 million, boosted in part by a four month contribution from its recently acquired Texstars business in the US.
Texstars, a supplier of high performance composites for the aerospace and defence industries, was snapped up in a deal worth £24.7 million last December.
Its four month contribution amounted to profits of £ 900 , 000 on sales of £4.5 million.
Chairman Tony Gilroy told shareholders: "The Texstars acquisition is meeting its preacquisition financial performance expectations and integration has proceeded smoothly."
He added: "Since Texstars joined Hampson, it has received its first production orders for armoured transparencies to be supplied to United Defence for use as anti-ballistic protection on US Army Bradley fighting vehicles, together with follow-on orders for F-16 canopies and refurbishments."
Hampson, which has its headquarters at Brierley Hill, said that during the year it saw an emerging recovery in global civil aerospace markets.
Chief executive Kim Ward said: "The growth we have seen - and continue to expect -from existing and new programmes, has been encouraging."
Hampson is involved in a variety of civil aerospace projects.
During the year it successfully developed and manufactured the first seven preproduction empennage structures for the new Eclipse business jet being built by US firm Eclipse Aviation.
Mr Ward also said that the development phase of a contract to supply wing parts for the new Airbus A400M military transport had got off to good start.
Design and development teams at Bromford Gate are currently planning preproduction deliveries of the A400M's wing trailing edge parts, which are being supplied to GKN.