Thu, 30 Jun 2011 | DIVISION SALE
Tool supplier Hampson Industries is in talks to dispose of some of its non-core assets after a 170 per cent fall in profits.
Its year-end results released this morning uncovered a decrease in operating profits of 170 per cent, while its pre-tax profits fell by 234 per cent to a loss of £31.1 million.
The losses have not affected the revenue, which actually increased by 17 per cent to £197.5 million to the year ending 31 March 2011. This has been attributed to the company having secured its biggest tooling contract to date in September 2010. Though lucrative, the deal failed to keep Hampson’s profits from sliding.
The manufacturer supplies tools and components to the aerospace industry from its base in Brierley Hill.
What assets are potentially going to be sold were not revealed. In June last year the firm disposed of its non-core automotive turbocharger business.
Hampson chairman Chris Geoghegan commented, “We are focused on increasing our operational effectiveness to improve cash generation and margins. A number of initiatives are underway and an ongoing focus on cost reduction in being implemented throughout the Group to drive a return to improved results in the year ahead.”
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