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Dawson International

  • BY: Andrew Hore |
  • POSTED: 11/03/2009 |

Dawson International returned to profit in 2008 but it might find it difficult not to fall back into loss in 2009.

All four divisions of the textile company were profitable in 2008. The spinning business, Todd & Duncan, is likely to find this year a lot tougher. This business may still be sold. The stronger dollar will also make it difficult for the home furnishings division, which buys in dollars.

Group revenues were 15% higher at £107m, while a loss of £1.56m was transformed into a profit of £622,000. The swing in underlying operating profit was even greater - a loss of £2.71m was turned into a profit of £1.02m.

The disposal of the Dorma branded business helped Dawson end the year with net cash of £11.4m. There will be some cash outflows related to provisions against this disposal but Dawson is in a strong financial position and will consider bolt-on acquisitions in the future, although it may be a bit early yet.

At 2.125p a share, Dawson is valued at £4.78m. Net assets are £20.4m, after a net pension deficit of just over £5m.

WH Ireland now forecasts a 2009 loss of £200,000. 

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