Defence News – Early October 2022

Engineering specialist, Sheffield Forgemasters, has published financial results for the period to 31 March 2022 following its acquisition by the Ministry of Defence in August 2021.

The financial statements cover the 15-month period ended 31 March 2022 and report revenue of £130.6m, up from £71.9m for the 12 months ended 31 December 2020, and operating profit (pre-exceptionals) of £0.6m.

The accounts highlight significant headwinds which affected the company’s performance, including the effects of Covid-19, high energy costs and the Russia-Ukraine conflict.

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