Engineering group Metalrax has swung back into the black after exports boosted its performance in the first half of the year.
Birmingham-based Metalrax (MRX) posted an after-tax profit of £100,000 for the six months to July 3, compared to a £400,000 loss in the first half of last year.
The company was boosted by rising revenues – up more than 16 per cent to £31 million over the period – after seeing export sales increase.
Chairman Andrew Walker said: “The strong revenue growth from the specialist engineering division is encouraging and the price rises implemented throughout the first half should be reflected in an improved margin being reported in the second half. Taking the group as a whole, the board expects to meet market expectations for the full year.”
The group’s net debt has been reduced to £6.1 million from £8.3 million at the start of the year.
Its pension deficit has decreased by £2 million, to £2.7 million, at July 3.