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02/08/2002
Shorts announce £36.6m profit
Despite a troubled aerospace sector post September 11, Shorts reported profits of £36.6 million in year-end figures.
The Belfast-based company, a subsidiary of Canadian parent Bombardier Aerospace, laid off 1,000 workers in the aftermath of the attacks in response to fears that the industry would face a radical downturn.
While this was to some extent true, many long-haul carriers continue to face severe problems and have cancelled orders, Bombardier's core business in the aircraft sector is small to medium-sized aircraft - business and regional jets - a sector of the market that has not been so radically affected.
However, Shorts sales dipped by almost £50 million, from £500 million to £450.6 million, and pulled operating profits down by £1.8 million - from £57.6 million to ££55.8 million.
A statement from company chairman Sir George Quigley said that the year-end figures had been influenced by the significant downturn following the tragic events of September 11.
In his remarks Sir George noted that the measures taken by the company were all the more disappointing, as it had been gearing up to meet the requirements of an increased order book.
(SP)
The Belfast-based company, a subsidiary of Canadian parent Bombardier Aerospace, laid off 1,000 workers in the aftermath of the attacks in response to fears that the industry would face a radical downturn.
While this was to some extent true, many long-haul carriers continue to face severe problems and have cancelled orders, Bombardier's core business in the aircraft sector is small to medium-sized aircraft - business and regional jets - a sector of the market that has not been so radically affected.
However, Shorts sales dipped by almost £50 million, from £500 million to £450.6 million, and pulled operating profits down by £1.8 million - from £57.6 million to ££55.8 million.
A statement from company chairman Sir George Quigley said that the year-end figures had been influenced by the significant downturn following the tragic events of September 11.
In his remarks Sir George noted that the measures taken by the company were all the more disappointing, as it had been gearing up to meet the requirements of an increased order book.
(SP)
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