Competition hits Dyson

J&J DYSON, the Sheffield refractory maker, has suffered from recession and increasing competition in the European steel industry, writes Rupert Bruce. Pre-tax profits fell to pounds 1.13m from pounds 1.43m in the year to 31 March 1992.

Operating profit at the refractories division fell to pounds 913,138 from pounds 1.05m the previous year. There was also an exceptional charge of pounds 186,541, mainly for redundancies at the Stannington refractories division, which supplies nearby steel works.

But the motor vehicles and builders merchants divisions increased operating profits by 22 per cent and 50 per cent respectively.

The final dividend has been maintained at 3p net. Earnings per share have fallen to 6.54p from 7.40p. The ordinary shares were unchanged at 94p while the A shares fell 2p to 57p.