Latchways posts record orders in third quarter

Latchways received record orders during the third quarter, boosted by strong sales of its Wingrip and Vertical products, the fall protection company announced Monday.

The group, which develops safety products for people working at heights in aerospace, power transmission, utilities and telecommunications, reported strong performance in the three months to February 10th.

Business was buttressed by sales of Wingrip, a vacuum anchor fall protection system for use in aviation maintenance and manufacturing of aircraft, and of Vertical safety systems for use on towers, masts, monopoles and steel lattice structures.

"We therefore expect the second half to be considerably stronger than the first," Latchways said in a statement.

The company said while the underlying business climate remained challenging and customers were cautious over spending plans, the opportunities arising overseas were encouraging.

A strategy of growth through increased geographical representation and product innovation will continue as the group moves into the fourth quarter.

"Our enhanced sales team has introduced a number of new customers during the year and we expect these to generate further revenue growth in the future," Latchways added.

"Our balance sheet and cash flows remain strong and we are well placed to benefit as and when the economic climate improves."

Shares rose 1.74% to 1,025.00p at 9:39 on Monday.

RD