Some points from rns30 Nov 2023 20:04
During the year, orders with a potential aggregate annualised revenue value of approximately £1.2m were secured in the construction, cast iron radiator and commercial vehicle markets.
In June 2023, the company also secured a major new contract worth approximately £7.3 million of revenue over an eight-year term with a leading European automotive industry components supplier.
In November 2023, CHC received a letter of intent and tooling orders from an existing customer in relation to two 10-year serial production programs for products in the heavy plant sector. These programs will ramp up through the early part of 2025 and are expected to contribute approximately £7.1 million of revenue over their lifetime.
RDC has signed a two-year exclusivity agreement for an established company in the renewables sector, with the potential to generate up to £1m of revenue per annum.
During 2023, Petrel has invested in two new machines that will enhance productive capacity and deliver cost-saving efficiencies. In the first half of the current financial year, Petrel has introduced upgrades to its product range, including a self-test emergency option for the popular 7 series. With expectations of double-digit revenue growth again in 2024 at operating margins that have consistently been around 16% for the last 2 years, the Board believes that Petrel is well placed to contribute a materially enhanced operating profit in 2024.