Double blow hits profits at Airflow

A factory flooding and reduced orders from a major customer combined to drive down profits at truck cab maker and specialist engineer Airflow Streamlines in the first half. The company last week reported pre-tax profits of £1.02m, down from £5.6m, on turnover of £36.3m. The figures were in line with an earlier profit warning. It […]

A factory flooding and reduced orders from a major customer combined to drive down profits at truck cab maker and specialist engineer Airflow Streamlines in the first half.

The company last week reported pre-tax profits of £1.02m, down from £5.6m, on turnover of £36.3m.

The figures were in line with an earlier profit warning. It followed cancelled orders from Matbro, the former Powerscreen subsidiary hit by an alleged serious fraud earlier this year, and flooding at Airflow’s Northampton factory at Easter.

Shares in Airflow rose 5p to 120p on the results, reflecting relief that they were no worse than expected.

The flooding was one incident in an event-packed first half for Airflow.

Takeover talks with a mystery buyer collapsed in July, two months after the company first revealed that discussions were under way.

Airflow insisted last week that it was well placed to move forward under its own steam.

Shareholders received a half-year payout of 2p, unchanged on a year ago.