Profits kept down at Ellis & Everard
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.A SEVERANCE payment to Ellis & Everard's former chairman helped to depress the chemical distributor's pre-tax profits to pounds 6.5m ( pounds 7.5m) for the six months to 31 October, writes John Murray.
The company paid pounds 350,000 to Mike Marshall, the former executive chairman, who quit last July after boardroom disagreements.
Group turnover was down 4 per cent to pounds 190m after disposals, but was stable in continuing business. Sales in the UK rose 9 per cent. Sales in the US were also higher in volume terms, but lower after translation into sterling.
The problems for the group remained its swimming pools chemicals division, where sales fell sharply after a good start to the year, and its Spanish subsidiary, Preymer.
Earnings per share fell from 6.7p to 5.5p, but the interim dividend is maintained at 2.25p. Analysts shaved their profits forecast for the full year to pounds 12m- pounds 13m.
Ellis & Everard shares closed down 7p at 188p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments