Engineering group Metalrax has reported a slight dip in revenue after selling some of its businesses – but has improved margins.
Alvechurch-based Metalrax (MRX) saw revenue fall from £65.5 million in 2010 to £63 million last calendar year after selling off parts of the firm.
However, revenue of ongoing businesses increased by five per cent, as it compares to £60 million last year, and margins improved from 25.4 per cent to 26 per cent.
The company, which recently refinanced its banking facilities, agreeing a new £14 million deal, posted a pre-tax loss of £300,000, but remained in the black on an after-tax basis, with a £100,000 profit.
Chairman Andrew Walker said: “The successful refinancing, ahead of schedule, combined with the group’s 2011 performance, provides a firm financial footing and foundations for future growth. Notwithstanding the global macro-economic conditions, the group’s trading this year has started well and the Board expects to meet market expectations for the full year.”
Net debt fell from £8.3 million at the start of the year to £6.1 million.