Flowtech Fluidpower PLC on Tuesday posted a pretax profit for 2021 after reporting a loss the year before, prompting it to declare a dividend.

For 2021, the supplier of technical fluid power products reported a pretax profit of £2.9 million, compared to a loss of £2.1 million in 2020. Revenue climbed by 15% to £109.1 million from £95.1 million.

The Wilmslow, England-based company is proposing a dividend of 2 pence per share. There were no dividends paid for 2020.

For 2022, the company sees a positive near and long-term outlook. ‘By the end of the year we believe that most of the key components of our strategic plan will be in place with the business benefiting from solid foundations enabling us to move forward aggressively to unlock our undoubted growth potential in both offline and, increasingly, online markets,’ it explained.

Flowtech shares were 2.9% higher at 130.64 pence each in London on Tuesday morning.

Copyright 2022 Alliance News Limited. All Rights Reserved.