Revenues were up from £258.6m in recession-hit 2009 to £355.2m in 2010. Growth was led by the construction sector, generating revenues of £187m, up 48% on 2009.
A pre-tax loss of £41.4m in 2009 became a profit of £2.6m in 2010. Operating profit was £12.3m, after an operating loss of £33.4m in 2009.
Recovery was helped by a new contract to supply 25-inch multi-piece wheels for Volvo Construction.
Chief executive Mike Akers said: “2010 was a year of strong recovery from the low point of 2009. This performance was driven by increased demand from our key customers, and new opportunities created by an extended capability for a wider range of products. We have been able to aggressively pursue these as a result of our engineering expertise and technological leadership.
“The group continues to capitalise on the uplift in its markets with unaudited revenue for Q1 2011 (January to March) at £116.9m, which is 66.0% above the comparable period of 2010.
“Overall, we are convinced that as confidence grows and recovery is sustained, our markets will continue to improve and Titan Europe is well placed to benefit from this.”
Titan has plants in France, Italy, Germany, Spain, Turkey, China, India, Australia, USA, Brazil, Peru and Chile as well as the UK, home to the company's headquarters.
In its annual results statement, the company said: “Our global footprint has enabled us to benefit from demand around the world, enjoying growth in the fastest growing economies such as China and Brazil. Improvements in demand for our products were reported across all geographic destinations with revenue growth of £41.6m in Europe (+27.4%); North America £12.7m (+52.9%); South America £15.4m (+58.8%), and Asia £16.7m (+59.6%), being particularly strong.”
Commenting on global outlook, it added: “We are not seeing any weakening as a result of the unstable political situation in the Middle East and North Africa. We expect to see some short-term effects, both positive and negative, on OEMs created by component shortages as a result of the tragic earthquake and tsunami in Japan, but overall currently appear to have a neutral effect on revenues.”
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