Tobacco Machinery Sales And Profit Up at Molins

Source from:  Tobacco Reporter 03/01/2012

Molins' Tobacco Machinery's sales during the year to the end of December, at £34.1 million, were increased by five per cent on those of 2010, £32.6 million, according to the group's preliminary results announced yesterday. Operating profit, before exceptional items, at £2.2 million, was up from £0.6 million. The division was said to have benefited from strong sales of aftermarket products, and an efficiently performing supply chain that had benefited from favorable activity levels. Sales at the Scientific Services division, which comprises Cerulean and Arista Laboratories, at £21.2 million, were up from £20.9 million, but operating profit, at £1.9 million, was down from £2.1 million. And sales at the Packaging Machinery division, which comprises the Langen Packaging Group and ITCM, at £34.6 million, were up from £32.9 million, but operating profit before exceptional items, at £0.4 million, was down from £1.0 million. The chairman, Avril Palmer-Baunack, said she was pleased to report that the group had demonstrated good progress in the year. Underlying profit before tax had increased by 25 per cent to £4.5 million and sales had increased by four per cent to £89.9 million. Underlying earnings per share had increased by 32 per cent to 18.3p, reflecting both the improvement in trading performance and a more favorable tax position. Meanwhile, chief executive, Dick Hunter, said: "We are pleased with the performance of the Group in the year as a number of favourable trading opportunities contributed to growth in profitability. "Strategic progress continues to be made through the development of each division, with particular emphasis on the growth opportunities in Scientific Services. "The Group is well placed to develop over the medium-term." Enditem