16th Mar 2020 12:48
(Alliance News) - Holders Technology PLC on Monday reported "good" progress in 2019 despite problems in Germany.
Holders makes products for printed circuit board manufacturers and also has a lighting business. Each unit operates in both the UK and Germany.
Revenue in the year to November 2019 fell 2.4% to GBP12.2 million, with pretax profit slipping by 15% to GBP150,000, due to a near doubling in central costs.
London-based Holders said the printed circuit board business in the UK achieved "modest" growth, but the German business was operating in a tough market, hitting group revenue.
The firm is paying a final dividend of 0.75 pence per share, taking the year's total to 1.00p, up from 0.75p in financial 2018.
"Lighting & Control Solutions divisions made further progress during the year and achieved profitability, and the Printed Circuit Board UK division made modest progress," said Holders.
"Market conditions for the PCB division in Germany remained difficult which resulted in reduced revenue and profitability for the division."
Looking ahead, Holders said the outlook for financial 2020 reflects 2019 trading. German PCB operations remain "heavily" dependent on the German automotive sector improving.
Shares were down 6.4% on Monday afternoon in London to 36.50p each.
By George Collard; [email protected]
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