COMPANY REPORTS

There were mixed fortunes for engineering companies reporting results over the past week. British Aerospace, the UK’s second-largest engineer, saw a modest improvement in profitability on lower sales in the first half of the year. Pre-tax profits rose to £358m from £349m in the same period last year on turnover down from £4,237m to £4,092m. […]

There were mixed fortunes for engineering companies reporting results over the past week.

British Aerospace, the UK’s second-largest engineer, saw a modest improvement in profitability on lower sales in the first half of the year. Pre-tax profits rose to £358m from £349m in the same period last year on turnover down from £4,237m to £4,092m.

Automotive consultancy Ricardo Group had a good six months with pre-tax profits up by 30% to £10.4m to June. Turnover rose from £82.4m to £95.5m.

Roxboro, the specialist electronics group, suffered a fall in pre-tax profits from £9m to £7.5m in the first half of the year. Turnover rose slightly, from £59.3m to £60m. The companys orders improved 10% to £66.2m from £59.9m in the first half of last year.

Pre-tax profits at forging and property company Folkes Group fell to £1.1m in the six months to June compared to £1.5m last year, with turnover down from £18.9m to £16.5m. Poor results at the company’s engineering division were responsible for the drop in profits and sales.

London cab manufacturer Manganese Bronze, reporting annual results for the year to 31 July, saw pre-tax profits drop by £1.5m to £3.5m on turnover up slightly to £118.2m from £115m last year.