PWR profit up in 1H18

PWR’s parent company has reported a 13.6 percent increase in first half profit.

PWR Holdings, which owns the Gold Coast-based radiator/cooling systems producer, achieved net profit after tax of just over $2 million in the first half of fiscal year 2018, up from $1.8 million in the prior corresponding period.

Revenue grew 9.4% from $18.6 million to $20.3 million.

PWR Group Managing Director and Chief Executive Officer Kees Weel also noted that the company had recently signed a lease on a new facility next to its current premises on the Gold Coast for R&D and expansion purposes.

PWR Performance Products supplies teams in Supercars, NASCAR, and Formula 1, as well for military, civilian, and industrial applications.

Paul Weel Racing competed in the Supercars championship from 1998 until 2008.