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.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
Isis executes three gay men by dangling them from top of 100ft building and letting go
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...