Hartest Holdings plc (Hartest) has announced preliminary results for the year ended March 31, 2009. It has reported revenues of GBP20.7 million for the fiscal 2009, compared with the revenues of GBP21.7 million in the previous year. It also reported a loss attributable to equity shareholders of GBP0.76 million, or 8.85 pence loss per share, for the fiscal 2009, compared with the profit attributable to equity shareholders of GBP0.77 million, or 7.99 pence per share, in the previous year.
Highlights:
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
Results
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.