UK: Molins' Tobacco Machinery Sales Down in First Half

Source from:  Tobacco Reporter 09/04/2012

Molins PLC's sales during the six months to the end of June, at ￡39.9 million were increased by 2.8 per cent on those of the first six months of 2011, ￡38.8 million. The sales were made up of those of the company's packaging machinery division, ￡15.9 million, which were up from ￡13.7 million; those of the tobacco machinery division, ￡14.7 million, which were down from ￡15.8 million; and those of the scientific services division, ￡9.3 million, which were unchanged from those of a year earlier. The group's underlying profit before tax during the first six months of this year, at ￡0.8 million, was down from ￡1.7 million during the first half of 2011. Underlying earnings per share, at 3.6p, were down from 6.3p, but the interim dividend per share remained constant at 2.5p. "As indicated previously, group trading performance will be strongly second-half weighted and the board's expectation of performance for the full year remains unchanged," said chief executive, Dick Hunter. "Order intake increased by 14 per cent compared with the same period last year and was ahead in each division. "We have continued our investment programme in scientific services in anticipation of the impact of regulation of tobacco products in the US by the FDA, which we expect to drive increased demand over the short to medium term. "Each of the three divisions is well positioned to progress over the remainder of the year." Enditem