Wyre Forest News
Cookley wheels-maker's profits set to exceed expectations
7:40am Thursday 23rd February 2012
A COOKLEY-based manufacturer of heavy-duty wheels used in industries ranging from agriculture to mining is forecasting profits are likely to be ahead of expectations.
Directors of Titan Europe, in Bridge Road, have reviewed the preliminary results for the year ended December 31, 2011, before their audit is completed.
Subject to audit adjustments, according to the firm, it is anticipated that group trading profit is likely to be “comfortably ahead of market expectations”.
Taxation legislation in Italy, where Titan also has operations, is set to further boost the group.
Earnings per share for the 2011 financial year will be ahead of current expectations while debt is also likely to be lower than current market forecasts.
The new financial year sees the group start with a strong order book, having won new international business.
Company chiefs said there was “relative buoyancy in the mining sector”, reflecting the group’s strategy to “globalise”, maximising links created with clients.
The board believes the business is capable of further progress in 2012.
The group’s preliminary results are expected to be announced in late March.