Electronics Production | May 31, 2006
Increase in turnover and increase in operating profit for Abacus
Abacus Group plc announced its Interim Results for the six months ended 31 March 2006.
* 21% increase in Turnover to £105.3m (2005: £87.3m) * 21% increase in Operating profit to £5.1m (2005: £4.2m), before intangible amortisation and exceptional items of £4.3m (2005: £nil) * 14% increase in Profit before tax, intangible amortisation and exceptional items to £4.1m (2005: £3.6m) – reflecting interest charges due to Deltron borrowings * £3.3m restructuring and transaction costs and £1.0m intangible amortisation, following acquisition of Deltron (2005: £nil) * Loss of £0.5m after tax, intangible amortisation and exceptional items (profit of £2.4m in 2005) * Gross margin at 24.7% increased from 24.2% : reflecting Deltron acquisition * £0.3m of integration savings from Deltron – integration process ahead of schedule and £5m in annual savings remains target * Dividend unchanged at 3.6p per share. Dividend expected to increase in future years as benefits from integration of recent acquisitions materialise. Deltron Electronics plc acquired in January 2006 for £34.5m in an all share deal: has provided geographic expansion & integration savings. Axess Technology acquired in April for €23m (£16m). Integration will reduce Trident's dependence on large projects and will give Deltron France critical mass. “The acquisitions of Deltron and Axess have brought substantial benefits operationally and in terms of margins. Current conditions in our core distribution business are encouraging. Current trading is in line with our expectations and we are confident in our prospects for 2006 and beyond”, Chairman, Harry Westropp, said.
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