Midland engineering firm Castings has reported record revenues and profits after its foundry business benefited from an upturn in the market.
The Brownhills-based firm revealed annual revenues increased by 20 per cent to £126.3 million in the year to March 31.
That sent profits soaring from £15.5 million to £23.1 million as the firm profited from an improved marketplace.
The company opened a new warehouse at Brownhills in January, after investing £5.5 million, and said it was proving beneficial to logistics and stock control.
The foundries firm still has 20 per cent spare capacity but said it is hoped that the European truck industry will return to pre-2008 levels.
Chairman Brian Cooke said: “It is difficult to forecast the future because of the well reported economic problems in Europe. The company continues to be in a strong position to take advantage of any upturn and has the ability to manage a downturn in demand.
“The financial strength of the company is important to be able to make quick investment decisions and at the same time secure dividend payments for our shareholders.”
The rise in sales and profits came after an export boost, as two-thirds of sales were exported.
The despatch weight of castings to third party customers was 57,200 tonnes, being an increase of 6,600 tonnes from the previous year.
Revenue from its machinist operation CNC Speedwell increased by three per cent during the year.
The firm received £690,000 from the administrators of the UK subsidiaries of Icelandic banks during the year, bringing the total received to £2.75 million.