Since then, and despite a commanding market position, GTI's Valor subsidiary, making magnetic components for local area network computer equipment, has been mauled by a price war.
That is showing signs of abating. GTI saw second-quarter profits, excluding low-tech operations, recently put up for sale, advance from $995,000 to $1.87m, after breaking even in the previous two quarters.The recovery has come too late to save Telemetrix's own half-year figures, reported yesterday. Pre-tax profits slipped 6.2 per cent to pounds 4.87m in the six months to June.
Future excitement lies in Trend, the subsidiary that leads the market in hand-held testing devices for ISDN computer networks. Profits were depressed by two product launches in the half-year, but the ISDN market is poised to balloon, boosted by the growth of video-conferencing and the Internet.
Underlying profits of pounds 11m this year would put the shares on a prospective multiple of 11. Good value, with the South African Altron group sitting on 42 per cent and the GTI stake worth around 69p a share.