Instrumentation supplier Hartest Holdings more than doubled profits on flat revenues.
It increased profits from £379,000 to £884,000 on revenues of £21.7m in the year to March 2008. The final dividend is held at 1p a share, for an unchanged total of 1.67p a share for the year. Net cash is £90,000 – helped by £400,000 from the disposal of a property.
The main improvement came from the instrumentation division plus the cutting of overheads. The medical services division’s contribution before central costs halved from £650,000 to £323,000 on turnover 9% lower at £7.6m. That was due to the loss of a distribution franchise for aesthetic laser treatment equipment. Competition led to lower margins.
The instrumentation division increased its pre-central costs contribution from £585,000 to £1.14m. Four of the businesses have been consolidated into one operation. Carnation Designs, which supplies programmable intelligent vehicle management systems, made higher profits on flat revenues. The new generation of the product should help this business to grow.
The shares rose 7p to 54.5p, valuing Hartest at £4.69m. That puts the shares on less than seven times historic diluted earnings per share.
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