Armour Group has confirmed that it is on course for a much better year even though the snow at the beginning of 2010 has hampered operations.
The consumer electronic products supplier says sales and profits in the four months to December 2009 were well ahead of the same period last year. New product launches before Christmas exceeded expectations and there is interest being shown by potential customers in North America. The snow shouldn’t stop Armour achieving forecasts. The backlog of containers at UK ports should be cleared during February.
Customers remain cautious but Armour believes that there will be some recovery in the market and new products will enhance this recovery.
FinnCap forecasts an improvement in profit from £1.2m to £1.9m in the year to August 2010.
At 15.75p a share, Armour is valued at £10.8m. The shares are trading on less than eight times prospective 2009-10 earnings. The yield is 3.2%.
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