The Company announced a full year after tax result of $22.5 million. This is a decrease of $5.2 million, or 18.8%, when compared with the previous year’s result. Sales at $504 million were up from $466 million in the previous year. Normalised profit after restructuring and asset sales for the year amounted to $23.3 million.
Restructuring costs for Hurricane Wire Products and the gain from the sale of a property were $1.5 million and $0.7 million after tax respectively. Although the profi t result was less than last year’s, it is pleasing to note that the second half trading profi t improved substantially in a rapidly slowing economy, finishing in line with the guidance given at the half year.
The Company’s result represents an EBIT return on year end total funds employed of 18.9% and an after tax return on average shareholders’ funds of 16.1%.
