Forward Technology may get offer

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The Independent Online
FORWARD Technology Industries yesterday revealed it had been approached in what may lead to an offer for the embattled company. The market responded immediately, sending Forward Technology's shares up by as much as 11 per cent, their highest level since October last year. The shares closed at 16.75p, a gain of 1.5p

The company, which makes audio and video cassettes, compact discs, and electronic equipment, has struggled recently, posting a loss in the first half of 1997 of pounds 2.5m, compared with net income of pounds 43,000 in the year- earlier period.

A company spokesman said tomorrow's release of annual figures was likely to show that it was having some difficulties. "We've had a very disappointing second half. Perhaps by Friday we'll have some clarification of the approach."

Forward Technology ran into problems after a disastrous attempt to change the emphasis of its US factory toward the production of more complex equipment for other companies. It took on bonding orders from external firms to escape the pressures of existing markets. In December, after a 31 per cent fall in its market value, it issued its second profits warning in three months.