Northern Ireland-based aircraft manufacturer Shorts has announced a £12 million rise in operating profits for the year to January last. The company made £40.5 million, up from £28.3 million the previous year.

The company, which is owned by Canadian group Bombardier, also recorded a sharp rise in turnover, from £358 million to £432 million during the same period. Shorts said turnover had risen because of renewed buoyancy in the world aerospace business and share in new products being developed by its Canadian owner. It said its priorities for the coming year are to improve competitiveness through reorganising its plant, reducing its inventory and reducing procurement costs. The company said it had invested £798 million in plant, facilities product development and training since 1989. Exports have grown from 51 per cent to 82 per cent during the same period. In a presentation of its results yesterday, Shorts said it held the world's number one market position for regional aircraft and was also the market leader in the manufacturer of large business jets.