Linread returns to profits

LINREAD yesterday reported a return to profits and welcomed sterling's devaluation, saying that dollars 2 to the pound had made it unviable to consider some overseas orders, writes John Shepherd.

About a quarter of the fasteners and components it makes for the aerospace and motor industries are exported. At home, the company has had to grapple with the problems faced by its main customers, including British Aerospace and Ford.

With total turnover static at pounds 20m in the first half of 1992, Linread said it had taken a combination of cost control and increased productivity to turn pounds 1.4m of losses into pounds 1.05m of profits.

Peter Tahany, chairman, said: 'It is tough outside, but we are increasing penetration in the marketplace.'

The interim dividend is 1.5p. While that is down on the corresponding 2p payment, it is at the same level as last year's final which Linread hopes to be able to increase next time.