Eurotherm interim result up 37% to record pounds 9.2m
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.EUROTHERM yesterday proved that recession need not stand in the way of progress when it unveiled record interim pre-tax profits of pounds 9.2m, up by 37 per cent, writes Topaz Amoore.
The industrial controls supplier has concentrated on improving margins and efficiency, cutting a fifth of its workforce in the past two years. Turnover, however, was ahead by just 3.8 per cent at pounds 81m in the six months to 30 April.
'This reflects the fact that we can restore profitability irrespective of trading conditions. What you want is a strong balance sheet,' said Jack Leonard, chairman and founder.
'We now have a very strong company but we are well aware that we need to resume generic growth.'
New products, to be introduced within the next 12 months, would help that growth, he said. There was also a burgeoning US market in brand labelling of its control systems.
Claes Hultman, the chief executive, said the figures reflected Eurotherm's resilience. 'Our products go to many different industries. Some are slowing, like chemicals and steel, but others are up, like pharmaceuticals, water and electrical utilities.'
Eurotherm has cut borrowings from pounds 13.9m last time to pounds 1.8m. Gearing has fallen from 12.9 per cent to 2.9 per cent. Earnings rose 37 per cent to 13.7p and the interim dividend is up from 3p to 3.5p. The shares rose 3p to 591p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments