The Roxboro Group Plc’s first year-end financial results since its heavily over-subscribed flotation (CI No 2,290) look positive. The company reported turnover up 16.9% to UKP41.8m, while profit before tax was up 66% to UKP6.4m. The firm’s cash at the bank and in hand soared to UKP8.7 from UKP1.2m for the year ending December 31, […]
The Roxboro Group Plc’s first year-end financial results since its heavily over-subscribed flotation (CI No 2,290) look positive. The company reported turnover up 16.9% to UKP41.8m, while profit before tax was up 66% to UKP6.4m. The firm’s cash at the bank and in hand soared to UKP8.7 from UKP1.2m for the year ending December 31, and exports climbed 60% to total 25% of group sales. It has been a busy year for the group, which has a number of subsidiaries making electromagnetic and electro-optical products. The company, which incurred a UKP500,000 cost when it closed its BLP electromagnetics plant in Enfield, Middlesex in October, clawed back most of the money after a discontinued business released UKP450,000 post-retirement medical health insurance provisions. Orders were up 16% on the opening book and earnings per share leaped 61.1% to 14.5p, but in spite of this the group maintained its resolve not to pay a dividend this year, but will make it up to shareholders with a pay-out next time round. BLP Components, the company’s electromagentic products business, upped sales 13.6% to UKP16.7m, with operating profit climbing 366% to UKP1.3m. Although the UK hardly rose at all, the subsidiary’s overseas sales fuelled its success. The firm, which produces telecommunications relays at a factory in Harlow, Essex increased sales of the relays by 40% and wants to invest this year to cut lead times on the product. BLP produces an electricity metering product called Powerpulse, sales of which doubled in the year. It has also just gained approval for its Pressurepulse gas valve and will start making it in the year. All this good fortune didn’t extend to the company’s filter business which failed to reach growth forecasts. The company blamed slow takeup of EMC filters into their equipment. European Union standards dictating inclusion of the filters will take effect in 1996, which should scare better sales from businesses. BLP components has just signed a deal with Siemens Measurements Ltd, to develop and manufacture an electro-magnetically operated gas valve for use in the latter’s range of gas meters. Dialight Corp, the group’s electro-optical businesses, increased US dollar sales by 19%. The firm was coining it in on OEM business, which requires customised products. The firm sells products into the networking, telecommuncations and industrial markets. With sales so buoyant, the company’s operating profit expanded 44.1% to $9.8m, on healthy 26% margins. Sales of the subsidiary’s Circuit Board Indicator product grew 27%, and the export business, which inside Dialight is made up solely of the Circuit Board Indicators, soared by 75%.