26th Feb 2014 09:42
LONDON (Alliance News) - Molins PLC Wednesday said its pretax profit fell in 2013 despite increased revenues across its divisions, as cost of sales and expenses hit company finances.
The technology and services company said its pretax profit fell 16% to GBP3.8 million for 2013 from GBP4.5 million in 2012, despite a 13% increase in revenues to GBP105.2 million from GBP93.0 million the previous year.
Molins said its revenues increased on a 15% increase in sales of its Scientific Services division, a 14% increase in sales at its Packaging Machinery division, and an 11% increase in sales at its Tobacco Machinery division.
But the company said its cost of sales increased 17% to GBP76.6 million from GBP65.7 million, and it posted an operating charge of GBP800,000 in respect to administrative costs related to the company's pension scheme, offsetting the revenue increase.
Molins said its underlying pretax profit, which doesn't include some financial and administrative expenses, increased 10% to GBP5.4 million from GBP4.9 million in 2012.
Molins maintained its full-year dividend at 5.5 pence after recommending a final dividend of 3.0 pence.
The company said it entered 2014 with its order book at similar levels to the previous year and with each of its divisions well placed to continue to progress, but that it is watchful of an uncertain economic and regulatory environment.
Molins shares increased 2.9% to 175.41 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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