Profits rise at Forgemasters

SHEFFIELD Forgemasters this week reported increased profits, despite the economic downturn.

Turnover at the Brightside Lane engineering firm was down by £104.8m over the year but operating profits went up from £7.3m to £7.7m.

Chairman Tony Pedder said: “The figures reflect a considerable achievement during a period of unfavourable trading conditions, which saw the company’s order book reduce in the year by 14% due principally to a fall in demand for its products.

“This is a reward for the company’s efforts in securing considerable efficiency improvements.”

An investment programme has seen the completion of a 4,000 tonne press and the development of a new north machine shop, primarily for ultra-large castings.