THE parent company of Colne aerospace firm Cleveland Guest today reported soaring profits.
L Gardner Group saw operating profits more than double to £9.7million in the six months to March 5, compared with the same period last year
And the group's chairman said changes in the aerospace industry would bring major benefits to its businesses, including Cleveland-Guest.
The Colne site, which employs more than 135 people, supplies precision machined components to major aerospace firms.
It was bought by Eccles-based L Gardner in 1998 and is part of the group's aerospace division headed up by former Cleveland managing director Steve Hollis. The firm is involved in projects including the Eurofighter Typhoon.
L Gardner's chairman Roger Newton said the aerospace market remained "buoyant".
"The outlook in this market looks promising, particularly for L Gardner which should be a major beneficiary from the supplier base consolidation which is now accelerating." Major aerospace groups such as BAE Systems are reducing the number of suppliers they deal with and giving more work directly to larger companies.
Sales at the group increased by 85 per cent to £56.3million and shareholders will receive a dividend of 3.3p per share.
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