Kunick takes comfort in French results
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.KUNICK, the fruit machines and care homes group, has passed its interim dividend but remains confident of a year-end payout.
The company almost folded 18 months ago and has not paid a dividend since 1991, but analysts said yesterday's better half-time results suggested the chairman, Christopher Burnett, was getting to grips with the business.
Pre-tax profits in the six months to 31 March of pounds 5m, against pounds 2m, included a pounds 1.9m exceptional gain from the flotation of Goldsborough Healthcare, the business that caused Kunick problems when it diversified into nursing homes. Net cash stands at pounds 9.8m, and sheltered housing properties with a book value of pounds 2.8m are being sold.
Improved efficiencies in the amusement machines business meant operating profits rose, despite turnover remaining static. But Mr Burnett said there was little sign of spending in pubs rising.
The year started well in France, but profits fell back because a new line of pinball machines failed to take off. Kunick's four French care homes saw a 54 per cent rise in operating profit to pounds 522,000 after occupancy rose to 97 per cent.
Net assets rose from pounds 51.4m to pounds 57.6m, and of this increase the disposal of Goldsborough contributed pounds 5.3m after writing back to reserves pounds 3.4m of goodwill previously written off. The shares were unchanged at 16.5p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments