Sue Archer, group finance director, said the dollars 10.65m ( pounds 5.57m) loan facilities would provide sufficient working capital for present requirements. They will next be reviewed on 30 June 1993.
Falling turnover and a decline in margins pushed the company into the red. Turnover fell to pounds 44.5m compared with pounds 50.2m in 1991, while an operating loss of pounds 880,000 compared with an operating profit of pounds 2.2m.
Losses were swollen to pounds 3.5m at the pre-tax level by a pounds 315,000 interest charge and a pounds 2.3m exceptional item. Last year the company made a pre-tax profit of pounds 2.1m.
The exceptional costs arise from the rationalisation plan introduced last March. There is also an extraordinary loss of pounds 3.4m from the sale of Schmidt-Cannon International, a US subsidiary.
The company made a loss per share of 12.9p compared with earnings of 8.4p. It is not paying a dividend after paying 2.7p last year. The shares rose 0.5p to 6p.Reuse content