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Shieldtech

  • BY: Andrew Hore |
  • POSTED: 15/09/2009 |

Shieldtech has moved into profit and expects a further improvement in trading in the year to June 2010.

The body armour supplier says that revenues rose 72% to £10.3m in the year to June 2009, which is slightly higher than announced in the August trading statement. A £759,000 pre-amortisation loss was turned into an underlying profit of £356,000 in 2008-09. There was still a cash outflow because of increased working capital requirements. Net debt was £1.66m at the end of June 2009.

Overseas sales are being built up. The Euro/£ exchange rate is increasing material costs, though.

The share price rose 1.75p to 12.75p, which values Shieldtech at £6.73m. The shares have risen by 155% over the past six months.

Acquisitions remain on hold as Shieldtech concentrates on organic growth.

A contract for the supply of body armour for the Metropolitan Police Authority will be put out to tender this autumn and Shieldtech subsidiary Aegis is one of four companies participating in pre-tender discussions. Other police forces may follow the lead of the Met when it places its orders.

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