Group operating profit before non-recurring costs GBP334,000 (2008: GBP1,033,000)

Non-recurring costs of GBP1,117,000 primarily represent business relocation expenses and redundancy and employment contract severance costs

Loss before tax GBP865,000 (2008: profit before tax GBP884,000)

Nil net debt position maintained

Business operations soundly based and profitable


Financial Performance

Overall, gross margins across the Group held firm at 34.0% compared with 34.4% last year, despite the effect of the currency fluctuations referred to in the preceding paragraphs.

Operating overheads amounted in aggregate to GBP6.7 million compared to GBP6.44 million in the previous year.

Within the Instrumentation Division, revenue reduced by 1.5% to GBP13.87 million and operating profits before non-recurring costs reduced by 22.9% to GBP0.96 million, although Hartest Precision India gave another strong contribution. In the Medical Services Division revenue fell by 11% to GBP6.8 million, and operating profits before non-recurring costs were reduced from GBP0.35 million to a small operating loss of GBP0.03 million. Across the group, the company achieved a profit on operations before non-recurring costs for the year of GBP0.33 million (2008: GBP1 million).

Hartest is a supplier of instrumentation and medical equipment.