Reflec swung from profit to loss last year.
The reflective materials supplier moved from a profit of £102,000 to a £832,000 loss in the year to February 2008. That was mainly down to write-offs of goodwill and other assets but Reflec would still have reported a small loss without them. The figure also includes £87,000 of legal and accounting costs that shouldn’t be repeated.
Net cash was £203,000 at the end of February 2008. Management says the remaining businesses are cash generative.
The security business is being closed down. This could cost a further £150,000 along with additional trading losses.
The shares fell 1.75p to 15.5p, valuing Reflec at £1.73m.
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