Exports lift Transfer Technology

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BUOYANT exports helped Transfer Technology, the engineering group run by the millionaire Labour MP Geoffrey Robinson, to boost its profits by nearly two- thirds in the first half.

The taxable result rose from pounds 2.1m to pounds 3.5m on turnover up 60 per cent to almost pounds 49m for the period to 30 June.

Some 75 per cent of Transfer's products are sold in overseas markets, which meant it was able to shrug off grim trading conditions at home.

Earnings per share increased by 13.3 per cent to 22.1p.

The interim dividend is held at 6.25p but the company says that it is committed to lifting the year's dividend payout in line with earnings.

The results exclude the impact of three acquisitions, which came too late to affect the interim results.

The deals were financed by a pounds 24m rights issue last month which also virtually eliminated the group's debts.

City analysts are looking for taxable profits of about pounds 7m for the full year against pounds 5.5m last year. The shares closed 10p up at 405p.