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 The Boy in the Dress, TV review: David Walliams' Boxing Day treat is a celebration of being different
- 2 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 3 Andy Murray takes to Twitter to show off his Christmas jumper
- 4 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 5 Top 10 travel destinations for 2015: From Haiti and Alaska to Namibia and Iceland
PlayStation and Xbox hacked by Lizard Squad
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...