Fodens make profit again
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FODENS are making a profit again despite announcing a pre-tax loss of £1.01m, most of which arose at the interest payment stage.
Last year the company only just avoided the Government's embrace through the City mounting a £3.1m rescue operation.
The board, announcing results for the 12 months ended March 31, has decided on a dividend of 0.65p per share — "in recognition of the shareholders' support during a difficult year" — nearly double last year's dividend.
And the company's turnover was slightly up on last year at £28.62m.
This year's loss is compared with a profit of £946,000 in 1974/75, but the company says that during the past weeks of this financial Year it was Operating at a profit.
The current situation is one of a healthy order book with vastly increased export demand and increased output.
Profit rates are expected to improve throughout the year with a return to a normal dividend level next year. At the interim stage Fodens said that they foresaw little improvement in the year and an upswing in demand in the spring.
Fodens also have an amendment to their memorandum and articles of association scheduled for their extraordinary general meeting which follows the agm on August 18 — but the company would make no comment on the amendment.