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Elektron

  • BY: Andrew Hore |
  • POSTED: 11/06/2009 |

Exceptional charges relating to cost cutting meant that engineer and components maker Elektron swung from profit to loss in the year to January 2009.

Revenues edged ahead from £34.9m to £35.6m, while a £1.95m profit was turned into a £2.27m loss. Stripping out the exceptionals, the underlying profit was £894,000, which is still less than half the underlying profit in the previous year.

The exceptional charges of £3.2m relate to the closure of facilities and redundancies, as well as a write down on the company’s 23% stake in instrumentation supplier Hartest.

The components division remains highly profitable making and operating profit of £1.6m. Most manufacturing is now overseas, which is helping to cut costs. The instrumentation division also made a small profit. The Howle business is changing its name to Total Carbide.

The hard metal components division lost money. Trading worsened as the year progressed and it is still tough.

Net debt was £3.26m at the end of January 2009.

At 8.25p a share, Elektron is valued at £7.06m. 

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