Timber-frame manufacturer Eleco is confident it will ride out the current financial downturn after posting a 36% rise in turnover for the six months to 31 December 2007.
The figure increased from £28.9m to £39.4m, while pre-tax profit rose 48% to £3.7m.
John Ketteley, Eleco’s executive chairman, said: “The current turmoil in financial markets suggests that we might well expect to encounter more testing market conditions. However, we are in a strong financial position and entered the second half with improved order books.”
In November last year Eleco bought precast concrete business Milbury Systems for £7m, which helped boost the turnover contribution from its building systems division by a third to £33.2m. Operating profit increased by 22% to £3.36m from £2.75m.
Ketteley added: “Increased demand for Bell & Webster’s pre-cast concrete products and improved performances from our building components operations and software interests, more than compensated for the lower outturn of our connector plate businesses.”