By Adria Calatayud
Dowlais Group reported a narrowed pretax loss for last year, thanks to cost controls that offset a decline in revenue due to challenges in the auto market, and forecast flat sales at best this year.
The U.K. engineering group said Wednesday that its pretax loss narrowed to 215 million pounds ($275.1 million) from a loss of 522 million pounds in 2023. The company in January agreed to a 1.16 billion-pound cash-and-share takeover by American Axle & Manufacturing Holdings.
Revenue fell to 4.34 billion pounds from 4.86 billion pounds. Adjusted operating profit dropped 8.7% to 324 million pounds, with a margin that expanded to 6.6% from 6.5%.
Dowlais expects revenue to range from flat to a mid-single digit decline in 2025, with an adjusted operating margin between 6.5% and 7.0% excluding currency movements. Restructuring savings are expected to offset the impact of lower volumes, it said.
The company kept its final dividend unchanged at 2.8 pence a share.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 05, 2025 02:38 ET (07:38 GMT)
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