A firm that makes wheels for earthmovers and tractors has revealed that sales rose by 20 per cent last year.

Titan Europe, which is based in Cookley, near Wolverley, also recorded a 77 per cent increase in operating profit last year as the company announced its yearly trading statement, the first since it joined the Alternative Investment Market in April.

Turnover for the year increased by 20.4 per cent to £107.1m against £89m in 2003.

The statement said all sectors of the firm's markets had shown growth. Sales of wheels to the construction sector were 32.9 per head ahead of 2003, with sales to the agricultural industries were also ahead of 2003 levels by 13.4 per cent.

"I am delighted to report an excellent result for Titan Europe," said chief executive, Mike Akers.

"The combination of various elements has contributed to make 2004 better than expectations.

"The most important of these is the quality of our people and their dedication and commitment to meeting the needs of our customers in what has been a most difficult environment.

"These results demonstrate their skill and their enthusiasm and I would like to thank them."