Pirelli reports increased sales, stable profits in 2011

The latest Pirelli UK report filed with Companies House shows a slight drop in pre-tax profit in 2011 despite sales jumping almost £40 million year-on-year to £329.7 million. Profit decreased from £12.2 million to £12 million during the year. The company singled out its original equipment segment activities as a strength during the year, noting that Pirelli UK continued to secure new contracts with prestigious vehicle manufacturers.

Pirelli UK referred to its 2011 capital expenditure as “substantial” and above planned investment levels; projects included a refocus on manufacturing processes at the company’s Carlisle plant in line with Pirelli’s priority on premium products, and attention to manufacturing processes at the Burton site. The company says it intends to invest £11.4m on research and development and £9m on upgrading machinery.