BSE and strong pound hinder Harrisons
Wednesday 12 March 1997
Operating profits from continuing businesses nudged ahead from pounds 98.1m to pounds 99.7m, while at the pre-tax line, which included a final contribution from the now sold plantation business, profits rose by a similar margin to pounds 120.8m (pounds 119.6m). Adjusted earnings per share were 11.1p (11p), while the dividend was maintained at 9p.
Bill Turcan, chief executive, put a brave face on the figures, saying: "Our chemical businesses had another good year and timber and building supplies recovered well in the second half. We completed our withdrawal from plantations and the group is well placed to take advantage of opportunities for growth in its continuing businesses."
Analysts were less sanguine, however, with forecasts for the current year being pared yesterday to about pounds 117m. One said: "The comment on the food side is what has unsettled people. The implication is that 1997 estimates are looking too toppy."
Chemicals, where Harrisons specialises in chrome and pigments, saw profits rise 12 per cent to pounds 55.9m, at which level they have doubled in five years, with an increase in return on sales from 5.4 per cent to 9.4 per cent over that period.
The timber division, which takes in the Harcros builders' merchants, saw profits tumble from pounds 21.9m to pounds 15.3m. All the damage was caused in the first half, and Mr Turcan said Harcros was now seeing the benefit of actions to reduce its cost base and sharpen its trading focus.
Food and agriculture, where operating profits increased from pounds 31.6m to pounds 33.5m, suffered from the effects of BSE, which reduced demand for cattle feed.
filmFilm producers sue Warner Bros for $75m over Hobbit films
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 John McAfee's $100 'anti-NSA' device: 'this is coming and cannot be stopped'
- 3 French café starts charging extra to rude customers
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
iJobs Money & Business
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...