Armour Group’s pre-close statement proved better than expected.
This sparked a 2.5p rise in the share price to 15.25p a share, which values the consumer electronic products supplier at £10.4m. The shares have more than doubled in the past six months.
Trading conditions remain tough but Armour expects that underlying earnings per share in the year to August 2009 will be higher than the 1.1p forecast by house broker FinnCap – down from 3.7p a share the previous year.
The home and automotive divisions are both profitable and cash generative.
Net debt was £7.22m at the end of February 2009 but it will be much lower at the end of August 2009 even though Armour is starting to stock up for Christmas.
Armour has launched QTV2, a speaker system for delivering “HD cinema sound” for flat screen televisions.
The full year figures will be published on 23 November 2009. FinnCap will update its 2009-10 forecast at that time. It currently forecasts 2009-10 profits of £1.8m.
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