20th Feb 2014 11:37
LONDON (Alliance News) - Holders Technology PLC swung into a pretax profit in the financial year 2013 as revenue rose, and it sold its loss-making Chinese business.
The company posted a pretax profit of GBP97,000, up from a pretax loss of GBP68,000.
The specialist materials company said that it had seen good progress in its German Printed Circuit Board manufacture and LED divisions, but in the UK revenue was hit by the loss of a major customer and restructuring of its components division.
UK PCB revenues were hampered by a decline in the aerospace and defence market, leading to decline in the business of 19.5% to GBP3.3 million from GBP4.1 million in the previous year.
In Germany PCB revenues rose to GBP7.8 million from GBP7.0 million, although it cautioned that competitive pressures remained strong in the market.
In its LED business revenues to to USD3.3 million from USD2.6 million in the previous year, despite losing a major customer in the UK during the year.
The company sold its loss making Chinese operations in January 2014. The disposal led to a non-cash impairment of GBP213,000, and combined with an operating loss of GBP56,000, resulted in a loss from discontinued operations of GBP269,000, narrowed from a loss of GBP326,000 in the previous year.
The company maintained its total dividend of 2.0 pence.
Shares in Holders Technology were trading down 5.9% at 56.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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