Contract wins mean that the second half should be much better than the first half.
Revenues declined from Ł42.7m to Ł41.1m in the six months to September 2009. Underlying pre-tax profits fell from Ł3.3m to Ł1.71m and were held back by an additional pension charge.
The main reason behind the profit decline was a sharp downturn in demand from the corporate jets sector and for antennas from Ford, which knocked more than Ł1m off the underlying operating profit of the precision products division. Strong demand for super car lighting could not offset the weaker demand elsewhere.
Underlying profits from technical plastics were flat. In the first half of 2008-09 the two divisions made similar profit contributions but this time technical plastics made double the contribution of precision products. The outlook for technical plastics in the second half is even better because more contracts for medical diagnostic and testing kits have been won. LED optics demand is also growing.
Small Caps Risers
| Name | Price | 1 Week % Change |
|---|---|---|
| Phoenix IT Group | 280.00p | +25.0% |
| Hornby | 170.00p | +11.8% |
| E2V Technologies | 53.00p | +11.5% |
| REA Holdings | 470.00p | +11.4% |
| Severfield-Rowen | 182.50p | +9.3% |
Small Caps Fallers
| Name | Price | 1 Week % Change |
|---|---|---|
| Sportech | 51.25p | -20.8% |
| Psion | 91.00p | -20.5% |
| Mecom Group | 121.00p | -16.1% |
| Lavendon Group | 78.00p | -15.3% |
| JJB Sports | 29.50p | -13.9% |
Indices
| Index | Value | 1 Week % Change |
|---|---|---|
| FTSE Small Cap | 2,767.31 | -1.33% |
| FTSE AIM All-Share | 652.10 | -0.81% |
| FTSE AIM 100 | 2,924.55 | -0.67% |
| FTSE AIM 50 | 2,643.13 | -1.45% |
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