Sutcliffe Speakman on course for profit

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The Independent Online
SUTCLIFFE SPEAKMAN, the high technology carbon and environmental protection systems group that was saved from receivership last year, has narrowed its pre-tax losses from pounds 14.4m in 1991 to pounds 2.1m in the year to 31 March 1992, writes Rupert Bruce.

A spokesman said the group was expected to be in profit for the current year.

The group's trading position has steadily improved over the year. It made an operating loss of pounds 800,000 in the first half, followed by a loss of pounds 45,000 in the second. It is presently breaking even, according to the company.

Most promising is the environmental protection division, where pounds 5.5m of new orders have been received in the past three months.

The group has restructured, selling its engineering fabrication business and winding down its food trading business. It has reduced the annual net interest charge to pounds 328,000 from pounds 5.1m.

The loss per share was reduced from 62.6p to 1.7p. There is no ordinary dividend for the second year in succession.

The shares fell 0.5p to 7p.