Hampson Industries has revealed that it expects to report strong overall results for the full year, following a number of significant contract wins.
In a trading update for the period between 3 February and 31 March 2009, the global aerospace and precision engineering group announced robust performances from its tooling businesses, Coast Composites and Odyssey Industries.
According to the company, these results combined with favourable exchange rates, had offset the poor performance of its automotive business, which it said ‘continues to face severe challenges’ and is unlikely to see any significant upturn in the near future.
This has led the company to take decisive action by restructuring activities in its Automotive Turbocharger and Aerospace Components and Structures businesses.
However, the outlook for the group’s overall business remains largely unchanged with the board forecasting a strong full-year performance.
This comes on the back of several contract wins by its Group Composites and Transparencies businesses, notably four multi-year contracts by Los-Angeles-based Composites Horizons, exceeding a total value of $17m (£11m), to supply advanced, high-temperature composite components for major US military and fighter engine programmes.
Kim Ward, chief executive of the group, said: ‘These latest contract wins on several of the most high-profile military aerospace programmes in the world not only attest to the technology within our businesses, but also underpin the confidence we have in our strategy to develop world-leading positions in both advanced composite structures and specialist tooling systems.’