Profits fell despite rising sales at soldering products manufacturer, Oglesby & Butler. Profits before tax in the year to the end of March were £511,289, compared with £558,335 last year, down 8.4 per cent. Group sales were £4.7 million compared to £4.2 million in 2000. Earnings per share were 3.97p. A final dividend of £1.185p per ordinary share is proposed, making a total of 2.5p, the same as in 2000.

Commenting on the results, chairman Mr Nevin Dowling blamed the rising cost of staff and materials for the fall in profits. "Moreover, the group has absorbed increases in costs and not passed them on to customers in order to maintain its competitive position in the market," he said.