Short Brothers, the Belfast-based, Canadian-owned aerospace group, saw its operating profits increase by £3 million sterling (€4.76 million) last year to more than £57 million, according to its annual financial reports.
The group's latest end-of-year accounts, posted yesterday in Northern Ireland, show a strong performance from the Bombardier subsidiary. However, according to Short chairman Sir George Quigley, it could have been better if it had not been for a period of protracted industrial action last year.
Sir George said the group's results for the 12 months to January 2001 reflected the ongoing strength of the aerospace sector.
"Deliveries increased significantly in both the regional and business aircraft markets, most notably on regional jet programmes.
"Further increases could have been achieved had it not been for the industrial action during the summer," Sir George added.
Last week Bombardier reported consolidated revenues of $4.9 billion (€5.4 billion) for the second quarter of 2001. The Canadian group said revenue at its aerospace division had grown by 27 per cent during the three months to July to $2.7 billion.
According to Bombardier, its order backlog has grown to $25.9 billion and it received firm orders for 231 new aircraft and purchase options for a further 215 aircraft.
Bombardier's Belfast plants have substantial partnership roles in the group's aircraft programmes, although 30 per cent of the Northern Ireland operation's turnover is derived from outside the group.
Shorts has a long-standing relationship with Boeing and it has a substantial nacelles business that supplies firms such as Rolls Royce.
Sir George said the Northern Ireland operation had been well positioned to play an important role in the development of new Bombardier aircraft programmes during the last financial year, chiefly the CRJ 9000 and Continental aircraft. He said Shorts had supported the delivery of the 70-seat Regional Jet into service.
"This increased activity level led to the recruitment and training of more than 1,000 people during the year, as well as a major factory reorganisation and investment programme."
In the past 12 years Bombardier has invested more than £1 billion in the North and is the largest public-sector employee, employing 6,400. Although Short's operating profits rose from £54.7 million to £57.6 million on a turnover of £500 million in the last financial year, pre-tax profits more than halved during 2001. This was because last year's pre-tax profits of more than £104 million reflected the sale of the former Shorts Missile Systems, now known as Thales, to the French group for £51 million.
