Astec converts power into 90% profit rise
Tuesday 22 March 1994
Operating profits improved from pounds 9.1m to pounds 13.1m in the core power conversion business, on turnover up 29 per cent to pounds 235.6m. Astec's share of the world market rose a fraction to 7 per cent, making it the market leader.
In the electronic components division, turnover fell 18 per cent, but operating profits rose from pounds 465,000 to pounds 2m due to cost-cutting. Astec plans to continue concentrating its manufacturing capacity in Mexico and South-east Asia, and is switching production from Hong Kong to China.
The group reduced borrowings to end 1993 with net cash of pounds 7.3m, compared with gearing of 12.7 per cent at the end of the previous year. Anthony Shanagher, finance director, said Astec would look for acquisitions in its core information technology markets.
Current trading conditions are uneven, the company said - strong in North America and the Far East and 'very sticky' in Europe. The 1993 dividend was 0.75p, and earnings per share rose from 2.15p to 4.16p. The shares closed up 2p at 91p.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Why this father didn’t hide his daughter’s heroin overdose in her obituary
- 3 Smartphones are making children borderline autistic, says psychiatrist
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Nepal earthquake: More than 1,100 killed across four countries and in Mount Everest avalanche
Royal baby: Live updates as superbug closes ward at St Mary's Hospital where Duchess of Cambridge is due to give birth
Hermann Goering's daughter fails to reclaim items looted by Nazi deputy during WWII
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
The sickening truth about food banks that the Tories don't want you to know
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...