Engineering group Titan Europe is expecting a big jump in full-year sales after a strong fourth quarter.
Kidderminster-based Titan (TSW) expects to report a turnover of £355 million for 2010 – approximately £7 million ahead of market forecasts.
The group has seen an increase in revenue in 2010 over 2009 in all its key market sectors but particularly in construction, up by 47 per cent and mining, up by 40 per cent.
In a statement, the firm said: “It is pleasing to report that revenues in the fourth quarter of 2010 were 69 per cent higher than the corresponding period in 2009, with quarterly revenues in agriculture up 44 per cent, construction up 61 per cent, mining up 104 per cent and ‘other’ up 375 per cent as a result of the increased penetration of the railway brake component business.”
Titan also revealed its net debt has been reduced by about £10 million last year, despite the substantial increase in business activity.
The group added: “Titan Europe is actively pursuing ways to further benefit from its programme of geographic and product diversification.
“In particular, we aim to develop further our manufacturing presence in Turkey for wheels and Brazil and China for undercarriages.”