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Mettis aerospace 02

Redditch aerospace components maker Mettis Group, which supplies the likes of Airbus, Rolls-Royce and Boeing, has said its “growing order pipeline” has left it well placed for the future despite revenues being hit by lower demand. Newly filed results revealed Mettis Group turned over £60.1m in the year to 31 December 2015, down from £61.8m a year earlier. Pre-tax profit also slipped to £601,000 from £1.6m. The company said the decline was a reflection of lower demand for forgings in aftermarket applications and destocking by some customers. However, underlying EBITDA rose by £600,000 to £7.4m, driven by operational improvements. During the period, Mettis paid exceptional costs of £288,000 in 2015, relating to a “de-risking” exercise on its defined benefit pension scheme. Despite the dip in revenue and pre-tax profit, a statement from the group said the outlook for the civil aerospace original equipment sector is “positive” and long-term agreements in place with many clients “give the group excellent visibility for the future”. Mettis added that it would continue to invest in new equipment and manufacturing technologies to take “full advantage” of the predicted growth in the aerospace market. “With a strong position in both engine and airframe component manufacturing and a growing order pipeline, the directors consider that the group is well placed for the future.” Mettis Group was founded more than 75 years ago employs 500 staff at its 1.2 million sq ft base on Windsor Road.In February, the business was acquired from Saints Chamonix by Stirling Square Capital Partners for an undisclosed sum.  Speaking at the time, Mettis chief executive Gordon Fraser said the group would “benefit from their support, including their sector knowledge and pan-European outlook”.

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