Consumer electronic products supplier Armour Group continued to be hampered by weak consumer spending in the year to August 2012.
Revenues fell by nearly one-fifth to £34.4m, although the underlying loss was reduced from £1.7m to £1.2m. That excludes £2.1m of restructuring costs and development spending write-downs. There was also a £9m goodwill write-off. Net debt was £7.6m at the end of August 2012.
Automotive revenues were flat and its profit contribution improved. The revenue decline came from the home consumer electronics division, which also reported a higher loss.
Restructuring over the past two years has achieved annual cost savings of £5.7m. The number of brands has been cut. There are still benefits to come through.
At 2.25p a share, Armour is valued at £2.2m.
The home electronics division has broken even in the first few months of this financial year. House broker finnCap forecasts a small profit in 2012-13, rising to £500,000 in 2013-14.
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