A specialist engineering firm headed by one of the region’s top industrialists has maintained its positive run of results by posting a further increase in half-year profits.
Key Technologies, chaired by the man who led the recovery of manufacturer Hill & Smith, David Grove OBE, posted a 9.4 per cent growth in underlying pre-tax profit to £1.37 million in the six-month period ended December 31, 2009, the first half of its financial year.
Revenue rose to £11.8 million, an increase of 15.7 per cent compared with the £10.2 million reported for the same period in 2008.
The company, whose shares are traded on West Midlands share trading platform Investbx, also announced an interim dividend of 1.8p.
David Grove’s Grove Industries investment firm has a controlling interest in the firm and Pertemps entrepreneur Tim Watts is also a major investor in Key Technologies.
Mr Grove, who is a former winner of the Birmingham Post’s Deal of the Year competition, said the firm had benefited from investment in new products, technology, productivity and efficiency improvements.
“Our strategy of developing the defence and rail businesses both organically, and by acquiring selective, earnings enhancing bolt-on businesses remains in place,” he said.
“The second half of the current financial year has started well and trading is in line with our expectations.”