News blog
Mount Engineering
- BY: Andrew Hore |
- POSTED: 08/04/2008 |
Mount Engineering’s maiden full year results on Aim were better than expected.
It joined Aim on 6 July 2007. Pro forma figures for 2007 - assuming that Mount had its current structure for the whole of the year - show profits of £2.55m on turnover of £10.8m. A dividend of 1.1p a share was announced with the figures.
Mount supplies engineering products and industrial valves to the oil and gas, pharma, mining and petrochemical sectors. The high oil price has helped to boost demand for Mount’s products.
The one weak spot was distributor Hi-Flow Valves, where sales on a project basis declined because of capacity constraints in oil and gas maintenance operations. Management hopes to improve the profit margins of the business this year.
Management is reviewing potential acquisitions. It says that the year has begun “satisfactorily” but some supply contracts have been delayed. Mount believes that increasing sales will help to improve operating profit as most of its overheads are fixed.
The shares rose 2.5p to 80.5p.
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