Revenues have fallen by more than 15 per cent at engineering firm Metalrax as the economic downturn has hit most of its markets.
The Kings Norton company posted sales of £72.3 million for the year to December 31, compared to £61.2 million last year, as the recession hit its performance.
That meant the company made a loss of £11.5 million pounds, compared to a loss of £16.2 million the year before.
The group has disposed and restructured four of its businesses in a bid to turn around its fortunes, leaving nine refocused businesses.
Chief executive Andrew Richardson said the company was now positioned for future growth.
He added: “2009 was a challenging year for many businesses. Metalrax was no exception. We operate across a broad range of sectors, all of which were impacted by the first wave of the global recession.
“However, we worked hard in 2009 to refocus the group and we exited the year a leaner, fitter business with a focused group of nine businesses. We are well placed for future growth and we anticipate meeting market expectations in 2010.”
The group successfully refinanced in October 2009, with up to £23.7 million of banking facilities which it said provides a good base for the continued implementation of its strategy.
Its gross margin reduced year on year by 1.1 per cent, to 23.8 per cent.
