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WFEL Is Expecting A Record Year.
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DEFENCE engineering firm WFEL expects to post record profits for 2009, chief executive Ian Wilson informed.
WFEL, based at Heaton Chapel, Stockport, anticipates earnings to top £6m against £5.8m in 2008, with revenues up from £29.6m to nearly £40m.
It follows a string of major contract wins during this year, from consumers such as the Ministry of Defence, the US Department of Defense and the Turkish government.
The company designs, makes and refurbishes bridges used by soldiers to cross rivers and ravines in conflict zones, including Iraq and Afghanistan, and in rescue operations in areas struck by natural disasters.
WFEL has also stepped up its inspection, repair and maintenance, spares and training services.
Earlier this month, the firm opened a repair facility after investing more than £300,000.
It followed a five-year contract with the US inked earlier this year.
WFEL’s bridges can be deployed by eight soldiers in just 90 minutes and can support loads of more than 120 tonnes.
They are used by 38 armed forces worldwide.
The company, which has 239 staff, was bought by its management in 2006 for £48m, in a deal backed by private equity house Dunedin Capital Partners.
It recently secured an increase in banking facilities from £20m to £30m to provide more working capital.
The refinancing arrangement saw Lloyds TSB Corporate Markets replace the failed bank Kaupthing Singer and Friedlander.
Barclays remains part of WFEL’s banking syndicate.
Neil Price, director at Lloyds TSB Corporate Markets, said: “WFEL is a great example of a niche British manufacturing business which has established itself as the leading player on a global stage.
“We’re supporting a business with a strong, established management team and an equity sponsor which has taken a hands-on approach to building the business.”
Barclays’ Yasmin Nabi said: “We remain very committed to supporting businesses like WFEL, a strong and robust UK model with a leading global position.”
WFEL’s roots trace back to 1915, when it was established as the Fairey Aviation Company to build long-range bombers.
The firm, a finalist in last month’s M.E.N. Business of the Year Awards and a winner in 2007, has focused on military bridges since the 1970s.