Product category:
Transformers and Inductors
News Release from: Abacus Group
Edited by the Electronicstalk Editorial
Team on 16 May 2002
Interim profits for Abacus ahead of
expectations
Abacus Group has revealed its interim results for the six months ended 31st March 2002.
Abacus Group has revealed its interim results for the six months ended 31st March 2002 The group produced profit before tax and goodwill amortisation of GBP 4.8 million, ahead of expectations which were reset before the beginning of the financial year, and gross margin at 24.3%, remained robust
This article was originally published on Electronicstalk on 3 Sep 2008 at 8.00am (UK)
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Sales fell in the first half by 26.7% to GBP 79.4 million against sales of GBP 108.3 million last year.
The gross profit margin was 24.3% against 23.5% for the previous six months, and 25.4% for the first half of last year.
Overheads for the six month period ending 31st March 2002 were GBP 13.8 million, a reduction of GBP 0.6 million from the preceding six months, and down significantly from the GBP 15.3 million (which figure excludes the GBP 0.75 million transitional costs of moving warehouses) in the first half in the previous year.
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Profit before tax and goodwill amortisation fell 54% from GBP 10.5 million in the first half of last year to GBP 4.8 million, and earnings per share, excluding goodwill amortisation similarly fell 54% from 17.6p to 8.1p.
The group generated operating cash of GBP 8.8 million in the six months to 31st March 2002, prior to capital expenditure of GBP 0.3 million.
Net debt at 31st March 2002 was GBP 22.9 million, excluding deferred consideration of GBP 2.5 million, compared with GBP 26.0 million at 30th September 2001, with gearing of 55% at 31th March 2002, down from 65% at 30th September 2001.
Interest cover during the first half was nine times, up from eight times in the preceding six months.
The board declared an interim dividend of 3.2p per share in respect of the half year ended 31st March 2002 compared with 2.9p per share for the same period last year, an increase of 10%, which is in line with previous increases.
Commenting on the results, Harry Westropp, Chairman, said: "In the absence of evidence to the contrary, we are assuming that the flat market will continue, but we believe that we can continue to grow our market share.
Benefits are beginning to accrue from the new product ranges brought to us by recent acquisitions and these are taking the group into new markets.
Our strategy is to build the group through the acquisition of businesses which add to the geographical spread and franchise offering.
In summary, we are determined to take every reasonable step to ensure a return to our shareholders which is well above the average for the industry.
We are committed to achieving this both in the present market and when more buoyant conditions return".
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