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Pentagon Protection

  • BY: Andrew Hore |
  • POSTED: 13/07/2010 |

Safety and security films supplier Pentagon Protection is selling its subsidiary Pentagon Protection UK to a former chief executive because of continuing problems with a warranty claim dating back to 2005.

There was a £926,000 provision in the 2008-09 figures relating to the warranty claim. This is due to a supplier supplying the wrong protective film. In the recent interim figures this provision was reduced by £226,000. Even so, Pentagon says that the insurers are unlikely to settle the claim as quickly as it wants.

Graham Bannerman will take responsibility for the claim. He is buying the business for £1 plus 20% of any gain on the warranty claim.

Revenues fell from £988,000 to £937,000 in the six months to March 2010. The loss fell from £409,000 to £85,000, although that includes the £226,000 write-back. There was a small cash inflow from operations due to a reduction in debtors. Net debt was £9,000 at the end of March 2010.

At 0.21p a share, up 0.05p, Pentagon is valued at £1.72m.

Pentagon has won a €3m plus contract with the EU to install glazing protection for its buildings in Brussels.

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