Black ink returns at Platignum

PLATIGNUM, the troubled pens and plastics manufacturer, turned a pounds 757,000 loss last year into pre-tax profits of pounds 405,000 in the year to 31 March. Demand was weak but the turnaround was achieved by improving margins and reducing overheads, writes Topaz Amoore.

Extraordinary costs of pounds 739,000 resulted in a loss transferable to reserves of pounds 335,000 compared with a loss last year of pounds 1.42m. There is no dividend.

Robert Campbell, chief executive, said any general upturn in demand was difficult to discern.

'New product development is, nevertheless, receiving increased emphasis and all ongoing businesses will be launching new ranges during this year.'

He said Platignum, which bought the pen maker Ivy Products for pounds 300,000 last December, was still looking for acquisitions. In March, it raised pounds 1.5m in a one-for- five placing and open share offer. Yesterday the shares fell 3p to 38p.