Umeco’s profits take a hit

Aerospace parts supplier Umeco saw adjusted pre-tax profits drop by almost 13 per cent last year after taking a significant hit from the recession.

The UK-based company said profits fell to £24.9m from £28.5m during the year after declining business levels hit its composite arm, which supplies parts to the automotive, marine and wind energy sectors. “We are weathering the effects of the economic downturn well and have significantly reduced our net debt,” said chief executive Clive Snowdon.