Bromsgrove Industries aims for divestment
Tuesday 06 July 1993
News of the company's change of strategy came with annual taxable profits that rose 23 per cent for the year to 31 March. However, underlying performance measured by earnings per share was less positive. Reflecting the growth in the number of shares issued to pay for acquisitions, they fell 9 per cent to 7.75p.
When Mr Sedghi, a lawyer, took the chairmanship of Bromsgrove in 1987 the business had a turnover of pounds 18.5m. Last year sales rose to pounds 108m compared with pounds 85.5m. Pre-tax profits rose to pounds 7.6m from pounds 5.6m.
Bromsgrove operates six divisions making components for aerospace, marine, automotive, environmental and other industrial uses.
Mr Sedghi said he wanted to concentrate in niche areas, producing specialised products for international markets, in the process making goods that could sell with wide profit margins.
'The strategy may mean that we concentrate on three or four areas rather than six or seven,' he said.
About two-fifths of Bromsgrove's output is made for overseas markets. Profits on making metal parts for aerospace and marine uses rose, as did profits in Bromsgrove's plastics subsidiary. However, the automotive and industrial operations suffered.
The automotive side had to carry losses at Hartland Extrusion Forge, which makes axles for heavy goods vehicles. Mr Sedghi said he hoped Hartland would break even this year.
The shares rose 1p to 104p and the dividend was lifted 10 per cent to 4.4p.
International Women's Day 2014: The shocking statistics that show why it is still so important
Feminist quotes to inspire you on the International Women's Day
Oscar Pistorius trial: Case turns into a bizarre safari following the tracks of a wounded lion
Belle Knox: How the porn star student from Duke University became bigger than Justin Bieber
Liam Neeson on death of wife Natasha Richardson: ‘When I hear the door opening, I still think I’m going to hear her’
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Academy members voted for Oscar-winning 12 Years A Slave 'without watching it'
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Liam Neeson turned down James Bond role to marry Natasha Richardson
- 5 Livr: A social network only for drunk people
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...