14th Aug 2018 16:24
LONDON (Alliance News) - Tex Holdings PLC said Tuesday its interim profit and revenue decreased due to its Engineering division suffering from customer order delays.
In the six months ended June, the company's pretax profit decreased to GBP96,000 from GBP423,000 the year before.
The engineering product supplier's revenue decreased 3.9% to GBP20.6 million from GBP21.4 million the year before.
Tex Holding's costs of sales decreased 2.1% to GBP14.3 million from GBP14.6 million the year before.
The company's Engineering division's turnover decreased by 20% "due to delays in customer orders". This drop resulted in reduced profit for the division.
Tex Holdings said the second half has opened with a "solid" order book for the division, which "will be reflected in the second half results".
The company is proposing an interim dividend of 2.50 pence, flat on the year before.
Looking ahead, Tex Holdings expects its investments in assets and acquisitions to result in its trading results improving in the medium term, with a higher working capital.
Shares in Tex Holdings were down 8.4% Tuesday at 108.60 pence each.
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