12th Aug 2015 15:35
LONDON (Alliance News) - Tex Holdings PLC Wednesday reported a slight rise in pretax profit in its first half, and said it expects its full-year trading to be consistent with recent years.
The company, which manufactures and supplies engineering products, plastics, boards and panels, posted a pretax profit of GBP497,000 for the half year to end-June, up from GBP459,000 a year before, as revenue slipped marginally to GBP17.6 million from GBP17.7 million, but this was offset by lower administrative expenses.
The company said that, except for its plastics division, all of its divisions saw sales fall compared to the previous year. In its engineering division, this was due to the timing of projects and revenue is expected to recover.
Profits from the plastics division continued to improve as it controlled overheads and saw a better mix of work.
Tex Holdings said its order book at the half year was in line with 2014. It proposed an interim dividend of 2.00 pence, maintained from the previous year.
"The current political turmoil in the world tempers any optimism that the board could draw from the first half results," the company said in a statement.
"The board are also conscious of the impact a significant drop in the FTSE would have on the Pension Scheme deficit and therefore the group balance sheet," Tex Holdings added.
The company posted a pretax profit of GBP1.2 million for 2014, on revenue of GBP36 million.
Shares in Tex Holdings were down 5.9% at 104.00 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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