PRE-TAX PROFITS SURGE AT COMPONENTS MAKER

Pre-tax profits surged at a Wolverhampton-based company that manufactures components for the military and commercial aerospace markets, and motorsport and electronics industries during its latest financial year.

HS Marston Aerospace has reported profits of £10.2m for the 12 months to 30 November 2019, up from £2.9m.

Its turnover also increased from £57m to £68.5m over the same period.

During the financial year covered in the documents the company was part of the US-based United Technologies Corporation.

However, UTC separated into three independent companies on 3 April 2020 – Otis Worldwide Corporation, Carrier Global Corporation and UTC which comprised Collins Aerospace Systems and Pratt & Whitney.

On 9 June 2019 UTC entered into a merger agreement with the Raytheon Company to combine its aerospace businesses to form Raytheon Technologies Corporation.

The merger was completed on 3 April 2020, shortly after the completion of the separation of Otis and Carrier.

A statement signed off by the board said: “The business experienced strong demand for its original equipment products and aftermarket spares throughout the year, together with the introduction of new products for the Pratt & Whitney PurePower engine.

“Interest in the company’s products remains strong, particularly within the UTC group.”