Metalrax reduces debt levels

Metalrax, a supplier of specialist engineering and consumer durable products, has continued to make 'good progress' in reducing net debt, which has consistently been lower than anticipated.

The directors anticipate that the group's performance for the full year ended December 31st 2011, which has seen cash flow from operations continues to be positive, will be in line with market expectations.

In a statement the firm said: "With regards to the coming year, the well-publicised macro-economic uncertainty in many world economies is concerning. The group has seen some weakening in forward order books but it is too early to say whether this is the start of a trend.

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"However, management continues to focus on growth initiatives, margin improvement, overheads, working capital controls and prudent asset investment."

Metalrax also announced the appointment of Caroline Green as Group Finance Director with immediate effect.

The share price fell 4.98% to 7.72p by 12:11.

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