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Waterline

  • BY: Andrew Hore |
  • POSTED: 17/12/2007 |

Fitted kitchens and appliances supplier Waterline reported a small dip in interim profits but didn’t provide any additional information about any potential bid. 

Revenue rose 5% to £43.5m in the six months to September 2007 but profits fell from £908,000 to £819,000. Net debt is £12m.

Higher demand for up market products have helped to partially offset weakness at the lower end of the market. Sales of Liebherr refrigeration equipment rose. The increase in overall revenues is down to the higher raw material costs being passed on and volumes appear to have fallen. 

The company isn’t confident that trading will improve. It does feel that it should meet full year expectations of £1.5m profit. At 50p, that puts the shares on less than seven times prospective earnings.

The independent directors are still considering the best strategy for the group. There is no direct indication in the statement that they have restarted negotiations with the management buy out bid vehicle. This has been going on for five months so it would be good if a conclusion were reached.

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