Hickson International moves back into black

HICKSON International, the speciality chemicals group, confirmed its return to health with pre-tax profits of pounds 24.3m in 1992 against a loss of pounds 4.5m.

The 1991 figures were restated to comply with the new FRS3 accounting standard - at the time the company reported pre-tax profits of pounds 15.8m.

Dennis Kerrison, chief executive, said the company was well poised to benefit from an upturn, with good prospects for recovery in the UK, the US and Australia. 'But there is also concern, as Germany goes into a fairly hefty recession,' he said.

Mr Kerrison said two thirds of earnings came from overseas. 'There are still export markets we haven't done much with. There is potential in countries such as Israel, Greece, Romania; and there is the Pacific Rim.'

Sir Gordon Jones, chairman, said Hickson was beginning to consolidate changes made by the new management after the spending spree in the 1980s.

'We are now more financially secure, following the rights issue, and we have divested ourselves of non-core activities such as floor coverings,' he said.

He said the group was far better organised - with a clear divisional structure rather than the ramshackle collection of individual operating companies that existed before.

Turnover for the year was down from pounds 367.4m to pounds 342.5m, reflecting disposals. Earnings per share were 12.7p (6.7p) and the final dividend is maintained at 5.15p, giving a total of 8p (7.8p).

The shares fell back 4p to 210p. Martin Evans, analyst at Hoare Govett, said there was some disappointment in the City that there was no dividend rise.