Exports lift Verity back into profit
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.AN export-led recovery helped Verity, the manufacturer of Mission and Wharfedale hi-fi equipment, make pre-tax profits of pounds 444,000 in the six months to 31 December, after interim losses of pounds 1.4m last time, writes Diane Coyle.
Verity also announced a joint venture with Tomei, the Hong Kong consumer electronics giant, to manufacture and sell its mass- market Wharfedale range in China.
Tomei is raising its stake in Verity from 6.5 to just under 10 per cent through a subscription for new shares, bringing Verity pounds 500,000 in new capital. The shares closed up 1 2 p at 151 2 p.
Farad Azima, Verity's chief executive, said there was no sign of a general improvement in consumer electronics in Britain but exports had grown strongly. So had sales of 'home theatre' products - giant TV screens with multiple speakers.
It was essential to form the joint venture to enter the Chinese market, he said. The link with Tomei had also brought Verity savings in manufacturing and marketing.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments