American operation gives boost to Bespak
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BESPAK, which makes aerosol valves for the pharmaceutical industry, turned in a strong performance for the year to 1 May, lifting pre-tax profits 57 per cent to pounds 6.9m.
The result was achieved on turnover of pounds 38.8m, an increase of 31 per cent, and included a contribution from the acquisition of Tenax Corporation of the US. Tenax was bought in March and added sales of pounds 3.1m and profits of pounds 700,000 to the figures.
The acquisition of Tenax is expected to result in half the group's sales being generated in the US in a full year. The existing US subsidiary, Bespak Inc, has been merged with Tenax under Michael Rich, Tenax president. Bespak paid dollars 58m ( pounds 33m at the time) for the company.
Bob King, chairman and chief executive, described the year as an exciting period that had resulted in a stronger company with a more diversified range of products and a broader customer base.
Earnings per share increased by more than 21 per cent to 24.8p, after taking into account the company's two rights issues during the year.
The final dividend will be 5.5p, increasing the total by 1p to 9p. The shares firmed 8p to 525p.
Mr King said: 'The ending of political uncertainty in the UK and signs of economic recovery . . . will undoubtedly provide new opportunities.'
He said Bespak's strong balance sheet and international structure had strengthened its position in the world's leading pharmaceutical and medical market.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments