The Dutch subsidiary EHCO-KLM, which sells workwear and protective clothing mainly in Germany and the Netherlands, contributed ony pounds 511,000 in pre-tax profit against pounds 2.3m last time.
Joe Dwek, the chairman, announced a pounds 15m investment for 1994 funded from the company's own resources. A third of this will be spent on developing hot isostatic process, which removes the porosity from steel castings, making them stronger, longer-lasting and more efficient.
Earnings per share for the year to December were down from 15.8p to 14.1p, and a final dividend of 3.25p makes a total of 5.25p (5p). The shares fell 13p to close at 292p.