Pound knocks Boosey profits

PRE-TAX PROFITS at Boosey & Hawkes slumped to pounds 1.25m from pounds 1.76m as the strong pound knocked 3 per cent off sales in the six months to 30 June, the instrument maker and music publisher said.

After the impact of sterling and excluding exceptionals - including an one-off pounds 1.08m charge relating to the reorganisation in May when the company bought out majority shareholder Carl Fischer - pre-tax profit would have risen by 14.7 per cent on the period a year ago, the company said.