Engineering Company Profits Rise Despite Difficult Year | Southeast Manufacturing News

A Portsmouth-based engineering company – which started life in 1929 as an air ferry innovator – recorded a surge in profit despite various challenges during the year.

Portsmouth Aviation is a family owned business working in general engineering and contract work, with clients including government and commercial companies.

For the year to December 31, 2021, the company recorded revenue of £31.6 million compared to £36.2 million in the prior period.

However, pre-tax profits fell from £611,598 to £2.6 million.

In a strategic report accompanying the results, Portsmouth Aviation noted that while the pandemic continued to present it with various challenges, it has “become the new normal as the business adapts and overcomes all threats posed by the virus”.

“Financial performance was exceptionally strong compared to the four previous reporting periods, due to the focus on technical services and resale,” he said.

“The company has visibility into future orders and opportunities in its core business and will continue to provide exceptional support to new and existing customers.”

He added: “Although the company is in possession of a solid order book with visibility on future orders, the administrators continue to invest significant expenditure in research and development activities in order to diversify the offer of Portsmouth Aviation Services.”