Refinancing and tool sell-offs boost Elliott
Tuesday 22 June 1993
The pounds 3.1m operating profit, against a loss of pounds 1.83m in the previous year, has been made at the expense of the company's recession-battered machine tool operations, which have all been sold or closed.
Somerset Gibbs, chairman, said: 'Core businesses have remained profitable throughout the recession and are thus well positioned for improvement in profitability and for generating a strong cash flow.'
Elliott, which underwent a pounds 28m refinancing last December, has been rationalised into three divisions: specialist engineering, electrical engineering and machinery. The full benefits of the refinancing, however, were not reflected. Finance charges of pounds 5.4m, up from pounds 4.9m, resulted in a pounds 3m pre-tax loss against pounds 9.4m last time.
Borrowings at the year-end were pounds 14m, down from pounds 42.5m just before the refinancing. 'Whilst gearing remains high, we aim to reduce it further during the course of this year,' Mr Gibbs said.
Divisionally, machinery was the only one of those three to show a profits improvement, increasing its contribution from pounds 444,000 to pounds 962,000. The division's figures reflected growth in exports for its tube-bending systems and increased market share in the UK for metal-sawing products.
Profits from specialist engineering, affected by pressure on margins on automotive products, eased from pounds 1.8m to pounds 1.6m. Electrical engineering profits fell from pounds 1.9m to pounds 777,000.
- 1 The West has it totally wrong on Lee Kuan Yew
- 2 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 3 The day I starred in Only Fools and Horses
- 4 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
Andreas Lubitz: Knee-jerk reaction to 9/11 enabled mass murder
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...