ONE of Plymouth’s key defence manufacturers has seen profits take a £16m nosedive as the economic climate meant customers stalled projects.
Southway-based gyroscope maker Atlantic Inertial Systems Ltd (AIS) saw its profit dip by nearly 60% to £12.2m after making a bumper £28.7m surplus a year earlier.
The company, which trades under the Collins Aerospace brand, also shed more than 30 staff, and said 2023 will remain challenging but plans to return to growth in 2024.
Its newly published annual report for 2022 revealed the business had been hit with supply chain issues and cutbacks from customers as projects were stalled.
This story is from the August 16, 2023 edition of The Herald.
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This story is from the August 16, 2023 edition of The Herald.
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