Firth Rixson has dismissed suggestions that it should be harder hit by the combined effects of the strong pound and the Asian economic crisis.
The Sheffield-based company, which has nearly half of its total business interests in the aerospace industry, last week announced interim profits of £10.8m, well up on £6.5m this time last year.
Chief executive David Hall said: ‘We decided 12 months ago not to talk about the effects of the pound and just get on with the job. Nearly 45% of our core aerospace business is dealt with in dollars, which has not been as hard hit as the pound or the mark. This attitude seems to have satisfied the City and we feel confident we will achieve our expectations for the year.’
Hall said Firth Rixson, which has interests in forging, expected to make at least one major acquisition in the near future, probably in metals manipulations. Smaller bolt-ons are also likely. The firm’s turnover jumped 19% to £89.4m.