Hampson Industries, an international aerospace group, has announced preliminary results for the year ending 31 March 2010.
According to the company, the results were affected by delays on major aerospace programme developments, reduced revenues in the Aerospace Components & Structures unit and the global decline in the automotive industry.
The company reported that its order book was up seven per cent since September 2009, at £140m. Similarly, the tooling quotation pipeline remains strong at £255m ($382m).
Commenting on the year, chairman Chris Geoghegan said: ‘We have continued to win new work and have delivered a creditable set of results, despite the many challenges faced during the year.
‘Our orderbook and quotation pipeline have both increased since the year-end, which we see as a positive indicator.
‘However, the overall rate of recovery during the first two months of the current year has been slower than we had anticipated. For this reason, it is appropriate to continue to remain cautious about our out-turn expectation for 2010-11 and in particular our results for the six months to September 2010, while we assess the rate at which orders are secured that are available for near-term production.
‘Over the medium to longer term, the board believes that, with the combined strength of our business portfolio, the management actions in hand and the opportunities emerging in our markets, Hampson is well positioned to return to sustainable growth.’