Profits shine for Wedge galvanizing group
The Black Country-based Wedge galvanizing group has seen profits more than double as it benefited from 'buoyant' trading across the UK and USA.
The company employs more than 1,000 people at its 14 sites across the UK, including Edward Howell in Wednesfield and the core business at Willenhall where founder John Wedge started galvanizing in 1869, as well as in the US and Continental Europe.
Accounts for the 12 months to the end of March, just filed at Companies House, show turnover rose 16.5% to £131.2 million while pre-tax profit surged 135% to £18.8m.
The group also revealed that net debt of £4.4m had been turned into net funds of £6.6m over the year, "leaving the group with improved headroom against its agreed borrowing facilities".
It added: "Overall the directors are satisfied with the results during the year, particularly the improved cash flow on the back of more buoyant trading conditions in the UK and the USA."
Under current chairman Jeremy Woolridge, who took on the role in 1987 after 13 years as MD, the company has expanded into Italy and Germany and then acquired South Atlantic Galvanizers with its six sites across the South East USA.
