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Armour Group

  • BY: Andrew Hore |
  • POSTED: 27/12/2012 |

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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