2010 Half-Yearly Results Summary

"Improving trends continue resulting in a strong recovery and trading significantly ahead of expectations"

Key points - financialH1
30 September
2010
H1
30 September
2009
H2
31 March
2010
Full year
31 March
2010
Continuing operations
Revenue£52.04m£39.85m£46.09m£85.94m
Gross profit£13.45m£9.81m£11.20m£21.01m
Underlying operating profit1£1.99m£0.06m£1.01m£1.07m
Operating profit/(loss)£1.75m£0.24m(£2.38m)(£2.14m)
Underlying pre-tax profit1£1.72m£0.00m£0.92m£0.92m
Pre-tax profit/(loss)£1.48m£0.18m(£2.99m)(£2.81m)
Net Debt£5.63m£5.57m£4.68m£4.68m

1 Underlying profit is calculated before intangible amortisation, IFRS 2 charges, restructuring costs and sale of associate.

  • UK returns to profit, whilst Asia doubled operating profits to £2.09m
  • Major investment programme in Asia to support growth in the region
  • ‘Automotive Centre of Excellence’ to be established in Europe
  • The TR business continues to focus on:
    • further penetration of globally spread multi-national high volume assemblers in electronics and automotive
    • increasing leverage of its low cost Asian manufacturing capabilities, and;
    • growth of TR branded and transactional sales mainly in the UK and EU

As the Group continues to advance, and despite some caution across certain global economies we are encouraged by year to date trading and the amount of ‘self help’ that is within reach. Given the market dynamics visible to us at this stage, the Board would expect profit for the year to 31 March 2011 to be significantly ahead of current expectations.

Malcolm Diamond MBE, Executive Chairman


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