Recycling Services reported an increase from pounds 287,000 to pounds 412,000 in pre-tax profits for the six months to February. Interim dividend is 0.5p, covered comfortably by earnings per share, which rose from 1.6p to 1.9p. Colin Phipps, chairman, said: "A number of significant opportunities for further growth in volumes have been identified and, if metal prices recover as currently predicted, future profitability will be ensured." However, he said the first-half results of the recently acquired G&P Batteries were somewhat below expectations, largely because of a sharp fall in sterling lead prices.
Deltron Electronics buys Danish firm
Deltron Electronics has bought Conelec, a private company engaged in the distribution of electronic components and based in Denmark, for a maximum pounds 2.46m. Deltron said the initial consideration of pounds 1.53m would be satisfied by the issue of 133,780 ordinary shares and pounds 1.33m cash. A further consideration of up to pounds 930,000 will be paid in cash.
Whitchurch Group dives into loss
Whitchurch Group dived from profits of pounds 597,000 to losses of pounds 4.2m in the year to 2 January. Loss per share was 28.91p, compared with earnings of 2.61p. Whitchurch said it had bought Horbury Meat Supplies and Horbury Meat (Wholesale), a catering meat supplies business based in Huddersfield, for pounds 300,000. In the year to December, Horbury made pre-tax profits of pounds 77,000. Richard Thompson, chairman of Whitchurch, said that having improved productivity in the catering and food service businesses, all divisions were now trading in line with expectations.
Dolphin Packaging buys food tray maker
Dolphin Packaging has acquired Food Containers for pounds 2.25m in cash. The company said the acquisition should be earnings enhancing from the outset. Food Containers is a private company, which was founded in 1983 and which makes plastic food trays and punnets. In the year to June 1996, Food Containers made a pre-tax profit of pounds 321,473 on turnover of pounds 2.63m.
Chemex acquires Eurolabs
Chemex International has agreed to buy Eurolabs from Enviromed for pounds 135,000 in cash. In the year to 30 September 1996, Eurolabs recorded a pre-tax loss of pounds 16,000 on sales of pounds 437,000. Eurolabs is a contract service provider in the areas of microbiology, analytical chemistry, toxicology and biodegradability.
James Dickie pays pounds 1.3m for AP Pressings
James Dickie has acquired AP Pressings, a division of Automotive Products Group, for pounds 1.3m in cash. It said the acquisition includes supply agreements until the end of 2001 with A P Lockheed and A P Borg and Beck, divisions of Automotive Products Group, and several other automotive component manufacturers.Reuse content