A maker of steel products for the defence industry says its North East base could benefit from increased Ministry of Defence spending amid the war in Ukraine.
New accounts for William Cook Stanhope, which specialises in steel casting technology for defence vehicles and components for the container handling market, show turnover was steady at £20.5m in the year to July 2, 2022, down only slightly from £20.7m the year before. But operating profit at the County Durham-based manufacturer fell from just over £1m to £834,283.
The firm, which is owned by British industrialist Sir Andrew Cook, said significant investment at its Stanhope base had set it up to take advantage of increased defence spending prompted by the Ukraine conflict. In group accounts for the same period - which showed increased turnover of £52.4m and operating profits of £4.6m, down from £5.5m in 2021 - Mr Cook said: "Years of neglect by NATO, coupled with the West's new-found determination to save Ukraine from annihilation and bolster its frontiers against Russian aggression, have materialised in large new orders from an ever-wider range of customers. I confidently predict that our defence sales in the current year will approach £40m and continue to rise strongly beyond."
