Dundee turbine component manufacturer and repair outfit Aerospace Tooling saw pre-tax profits increase fifteen-fold last year, newly-released accounts have shown.
The Baldovie precision engineering firm, which specialises in the refurbishment of high-value aerospace and industrial gas turbine parts, increased activity during the 12 months to June but also benefited from a favourable comparison after the previous year’s result was hit by exceptional charges.
Accounts published at Companies House showed how turnover climbed 28% to £6.7m during the most recent financial period, with pre-tax profits zooming to £1.7m from £113,660.
The positive momentum comes after Kent-based venture capital group Foresight secured a majority stake in the firm through its £3.5m support for a management buy-out in July.
Finance director Fraser Clarkson said there had been a “strong” finish to the year’s trading, with the continued “healthy” levels of business creating an encouraging outlook for the present financial year.
He said no major operational changes were envisaged by the new management team but the soon-to-be-completed transfer of finance and administration functions from Kent to Dundee would see the business unified on one site.