(SeeNews) - Jun 19, 2012 - UK-based advanced composite materials supplier Umeco Plc (LON:UMC) today reported a net profit of GBP 13.8 million (USD 21.7m/EUR 17.2m) for the fiscal year through March, up from GBP 2.2 million.
Profit from continuing operations nearly doubled to GBP 11.3 million from GBP 6.7 million. Following the disposal of its supply chain operations in July 2011, the company is now focused on its advanced composites business, which caters for the aerospace and defence, wind power, automotive, recreation and industrial sectors.
Revenue from continuing operations grew by 7.5% year on year to GBP 223 million.
The structural materials division, which is engaged in the development, manufacture and supply of advanced composite materials, brought revenues of GBP 139 million for the year, up 15.8%. The division's sales to the wind energy sector fell by 40% in annual terms to GBP 900,000.
Umeco's process material division, which develops and supplies vacuum bagging materials, posted revenues of GBP 84 million, down 3.9% on the year. Sales to the wind power industry declined by 21.3% to GBP 22.2 million.
(GBP 1 = USD 1.569/EUR 1.245)