Record profits for Brownhills metal firm Castings

Bosses at Brownhills metal firm Castings were today celebrating a record year of turnover and profits.

The historic company saw profits rise to £23.1 million for 2011/12 – up from £15.5m on the previous 12 months. Turnover was up 20 per cent from £105.4m to £126.3m, with 66 per cent of sales coming from exports, bosses revealed.

The firm, which makes iron castings for the truck and automotive industries, announced in March that it is creating 145 new jobs with the completion of a giant £5.5m new warehouse.

Chairman Brian Cooke said: "The profits are a record for the company and are as a result of our continued investment in up-to-date plant and machining equipment.

"Foundry production at Brownhills and subsidiary William Lee at Dronfield in Derbyshire has 20 per cent spare capacity.

"We are maintaining efforts to fill this with more work from new and existing customers. In this respect it is hoped that the European truck industry will return to pre 2008 levels."

Subsidiary machining business CNC Speedwell also enjoyed an improved year and a further £5.4m was invested in new machines for existing and new projects.

"It is pleasing to report we have obtained several contracts to machine and assemble products for the automobile industry," said Mr Cooke.

"These contracts will hopefully come into production during June and July this year and will add to the turnover and profits of the compan."

Castings employs more than 1,000 people at its headquarters in Brownhills and in Fradley Park, Lichfield. The company was hit hard during the recession, axing 350 workers in 2009.

By John Corser