ADT second quarter up to dollars 32.2m

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MICHAEL ASHCROFT'S Bermuda- based security services and car auction group, ADT, unveiled a rise in net income from dollars 30.9m to dollars 32.2m in the second quarter to 30 June, writes Russell Hotten.

ADT, which has secured a dollars 1.5m re- financing to meet debt and preference share obligations, was now in a strong position to grow, Mr Ashcroft, chairman and chief executive, said.

The sometimes secretive, often controversial company now has about 80 per cent of its shareholders in America, where ADT got a full listing on the New York Stock Exchange in 1991.

In London the shares jumped 10p before falling back to end the day unchanged at 650p.

Turnover at vehicle auctions rose 6 per cent in the UK and 4 per cent in the US, with total net sales increasing to dollars 90m from dollars 88.2m.

A UK shortfall in the supply of used vehicles, due to strong demand, had led to price rises.

At ADT Security Systems sales of residential electronic security systems reached 34,000 units in the second quarter, bringing the first-half total to 69,000 units, up 38 per cent.

Commercial sales also rose, and ADT has won a contract to install a fire detection and alarm system on 32 floors of the Commercial Union tower in the City of London, which has twice been damaged by bomb blasts.

Second-quarter turnover fell to pounds 348.4m from pounds 358.4m. Net income for the first six months fell to dollars 58.4m from dollars 73.3m.