BIRMINGHAM, England — Dunlop Aircraft Tyres Ltd. (DATL) returned to profitability in 2023, three years after the COVID pandemic brought the aviation industry to a halt.
The Birmingham-based tire maker posted fiscal-year profit before tax of $1 million, up from a loss before tax of nearly $4 million in 2022.
Operating profit stood at $4.2 million in 2023, up from an operating loss the year before. Sales were up 9.2% over 2022 to $68.1 million, DATL stated in a recent Companies House filing.
DATL linked its business recovery to the aviation industry's "getting back to its pre-pandemic working environment" following the lengthy lockdowns of the COVID-19 pandemic.
However, DATL noted that material prices, transportation costs, energy prices, inflation, labor availability and interest rates are "still variable."
According to the company, business uncertainties remained due particularly to the ongoing Middle East unrest and the Russia's invasion of Ukraine in 2022.
In its United Kingdom filing information, DATL also reported that it had acquired a retread processing and new-tire distribution facility in China owned by Dunlop Taikoo (Jinjiang) Aircraft Tyres Co. Ltd.
According to the company, its purchase of the remaining 37% of the business in 2023, was an important strategic investment providing "a gateway to the growing Asia Pacific region."
The deal, added DATL, would build on its investment in geographical expansions over recent years to 'better position' the company to secure global supply contracts.
