Specialist design engineering group Brunel Holdings jumped back into the black last year, reporting pre-tax profits of £6.92m compared with a loss of £5.43m the year before.
The company recorded an exceptional loss of £9.5m after a disposal. But at the operating level the company reported a profit of £5m before exceptional items, unchanged on last year.
The company said it had been prevented from achieving its full potential by the Asian crisis, the strong pound and the worldwide decline in investment in the paper industry.
Chairman Moger Woolley said restructuring was now substantially complete and the company planned to move forward with an acquisition strategy.
Brunel used the results announcement to unveil the acquisition of GBE International’s tobacco division for £4.5m. The company also announced the appointment of former Bridon managing director Ron Peterson as chief executive.