Umeco cautious

Umeco today released its preliminary results for 2009, revealing a strong overall performance from the company despite challenging market conditions.

Highlights from the company, which provides supply-chain services and advanced composite materials, include £415.3m revenue from continuing operations compared with £335.2m in 2008.

The company’s adjusted operating profit of £35.2m represents underlying growth of 13 per cent compared with 2008 and profits before tax were 32.4 per cent higher at £29m.

Earnings per share were 10.4 per cent higher at 40.5p compared with 36.7p in 2008, but the company cautioned that it is planning for more modest revenue growth and that it will focus on cost control and debt reduction.

Clive Snowdon, chief executive of Umeco, said: ‘We are pleased with our performance during what has been a period of increasing instability in our end markets.