Kenwood remains on Pifco back burner
Thursday 27 February 1997
Kenwood remains in a bid situation according to Takeover Panel rules. But the Pifco board repeated earlier statements that "we would need to receive certain financial information before we could consider making an offer".
"We want to keep all our options open," said Michael Webber, chairman.
While Kenwood struggles in a competitive market, Pifco yesterday reported a 16 per cent increase in half-year pre-tax profits to pounds 1.82m. Acquisitions boosted the figure as underlying profits were dented by start-up costs relating to the development of the new Russell Hobbs Millennium kettle which uses a special flat element to bring water to the boil in half the time.
The kettle was launched in October and Pifco says it has been well received by consumers and the trade. A second new product which uses the Optec element has been launched and two more models are under development.
Mountain Breeze, the air treatment and aromatherapy company acquired in September, recorded losses of pounds 85,000 in the period. In order to restore the business to profitability Pifco plans to close the UK production facilities in April and move the manufacturing to two Pifco plants, one in Britain, the other in China.
Pifco said Mountain Breeze would cause a short-term hit to profit but stressed its confidence that it would prove a good investment.
Pifco's group sales in the six months to 31 October were flat at pounds 21.7m. The dividend was increased by 9 per cent to 2.5p.
- 1 Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
- 2 Tom Cruise: Reporters banned from asking actor about Scientology
- 3 A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Edward Heath 'raped 12 year-old boy at Mayfair flat'
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
Tom Cruise: Reporters banned from asking actor about Scientology
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...