Our annual results for 2018 are out and we are delighted to announce that group sales revenue was up 10% year-on-year to £82.5m which reflects ongoing growth in sales of new and next generation aircraft and engines as well as increased build rates.
Underlying EBITDA also rose by £0.6m during the same period to £14.6m. Operating profit for the financial year was £9.4m, down slightly on the previous year due to a number of one-off restructuring costs and increased costs associated with introducing an unprecedented number of new products to the market to facilitate the growth in sales.
£6.3m capital was invested during the year in further equipment, technologies and site enhancements as part of a £25m investment programme which is in its advanced stages.
The outlook for the civil aerospace market remains positive as travel volumes continue to increase. Growth of around 5% per year is expected for both passenger and cargo traffic. This anticipated growth means that the existing world airline fleet is forecast to increase from the current 24,400 aircraft to 48,540 by 2037*.
Our products fly on virtually all major civil aerospace programmes. We’re particularly well represented on single-aisle programmes which are expected to make up 70% of new aircraft.
Gordon Fraser, Mettis’ CEO, said: “Despite ongoing economic uncertainty in the UK, at Mettis, we continue to harness new ways to succeed and grow by driving performance and innovating. We continue to invest in new equipment, technologies, facilities and people to ensure that we can take full advantage of the many opportunities created by this growth.”
Our new factory is our most recent investment and will be entering production in just a few months. We look forward to updating you on our ongoing expansion and growth soon.
*Source: Boeing Commercial Market Outlook 2018-2037
