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Product category: Plugs and Sockets
News Release from: Abacus Group
Edited by the Electronicstalk Editorial Team on 28 November 2003

Abacus results show "great resilience"

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Abacus Group has published its preliminary results for the twelve months ended 30th September 2003.

Abacus Group has published its preliminary results for the twelve months ended 30th September 2003 Financial highlights include: profit before tax of GBP 8 million and goodwill of GBP 0.4 million (2002: GBP 9.5 million PBT and goodwill of GBP 2.8 million); sales of GBP 147 million (2002: GBP 155.0 million) maintained through expanded market share; net debt of GBP 18.7 million (2002 : GBP 18.5 million) supported by strong cashflow; earnings per share before goodwill of 13.5p (2002: 16.6p); earnings per share after goodwill of 12.5p (2002: 9.8p); and a final dividend 6.8p, taking total to 10.2p (+5%)

Commenting on the results, Harry Westropp, Chairman, said: "Abacus has shown great resilience during an exceedingly difficult trading period.

Considerable investment has been made in the infrastructure of the business and balance sheet strength has been maintained.

Although the industry is not yet showing signs of a sustained recovery there are some indications that the deterioration has been arrested.

Since the year end, the level of order intake has improved and exceeds sales".

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