Engineering group Unidare has reported a €5.8 million rise in pre-tax profits to €7.3 million in the year to September 30th, but said it was postponing dividend payments as continued uncertainty in core markets led a €48 million decline in sales.
The company, which has operations in the Republic, the United States, Britain and the Netherlands, posted a €2.5 million rise in operating profits to €10.3 million.
Adjusted earnings per share climbed by 13.29 cents to 28.36 cents, although net debts remain significant at €17.3 million compared to €37.9 million for the previous twelve months.
Reversing the slide in sales was the group's top priority going forward said executive chairman Mr Jack Hayes.
"While we continue to face considerable uncertainty in our markets, we are committing to investments and initiatives designed to halt, and hopefully to reverse the decline in our sales volumes," he said.
The group's distribution division recorded the most pronounced sales slump from €236 million to €209 million although operating profits increased to €5.7 million from €4.7 million for 2001.
Unidare said revenues in the US, where its wholesales maintenance equipment for oil rigs declined by 18 per cent on average.
A sharp reduction in overheads and a small increase in gross margins led to a rise in operating profit however. Eland Electrical, the group's British wholesaler of cables and welding supplies, reported flat revenues although sales to the rail industry grew.
