Mixed Performance at Molins Plc

Source from:  Aug 31, 2007 tr.itsmyiq.com 09/03/2007

Molins Plc reported an after-tax profit of £1.9 million in the first half of 2007, compared with a loss £9 million in the 2006 period. Sales were £41.1 million, compared with £40.6 million in 2006. The Molins Tobacco Machinery division managed to improve profits on lower sales during the first half of 2007. The company reported sales of £14.9 million during the period, down from £16.8 million a year earlier. Its operating profit, however, was £1.2 million, compared with an operating loss of £100,000 before reorganization costs a year earlier. Among other measures, the division has transferred all its manufacturing and most of its assembly operations out of the United Kingdom to the Czech Republic, Brazil and other areas. Cerulean reported sales of £6.5 million during the period (2006: £9.2 million), returning an operating loss of £200,000 (2006: £1.4 million operating profit). Management said this was due to a reduction in order intake in the second half of 2006 and into the first half of 2007. However, it also noted the cyclical nature of Cerulean's market, which in the past has led to periods of strong performance followed by periods of weaker performance. Arista Laboratories performed at similar levels to the comparable period in 2006, while Molins Plc's Packaging Division struggled. Enditem