Molins Tobacco Machinery Division

Source from:  tr.itsmyiq.com Feb 29, 2008 03/03/2008

Molins' Tobacco Machinery division made £3.7 million profit last year, up from £1.9 million (before reorganization costs of £2.6 million) during 2006, on sales of £32.9 million, down from £36.2 million. "Tobacco Machinery remains well placed to continue to deliver strong results, although the favorable sales mix that benefited the division in 2007 is not expected to be repeated in 2008," said Chairman, Peter Byrom. Overall, Molins plc recorded a profit of £7.9m during 2007 against an £8.5 million loss the previous year. Last year's profit was boosted by £2.3 million in respect of discontinued operations, compared with a £12.2 million loss during 2006. The underlying operating profit (continuing operations before net pension credit and reorganization costs) during 2007, at £5.4 million was lower than that of the previous year's £7.6 million. According to the company's preliminary announcement of year-end figures, the Group maintained strong cash flows, generating £8.8 million from continuing operations before reorganization costs, with net debt reducing by £4.7 million during the year. Group revenue for continuing businesses, at £89.3 million, was up from £88.6 million during 2006. The Scientific Services division, which comprises Cerulean and Arista Laboratories, entered 2007 with a relatively low order book, which meant that sales declined to £17.7 million from £18.5 million, while operating profit fell to £1.4 million from £3.2 million. The Packaging Machinery division's sales increased to £38.7 million from £33.9 million, but its operating profit declined to £0.3 million from £2.5 million. Enditem