The industrial distribution group Unidare is expecting to report ‘modest improvements' in interim pre-tax profits this year following a reduction in the number of its businesses.
Speaking at its AGM in Dublin this morning, Mr Jack Hayes, chairman of Unidare, said the strategic review of its operations was now complete which resulted in it exiting from three loss making enterprises.
He also said that the company would now be focusing on reducing its central costs.
"Following the reduction in the number of our businesses, we are in the process of reducing our central costs," Mr Hayes said
"Overall, we currently expect to report a modest improvement in pre-tax profits for the half-year.
"As regards the year as a whole, while we are now well positioned to take advantage of any recovery in our US and UK markets, to-date we have experienced no good reason to expect early improvement.
"Although it is too early to give a definitive view, with strong management action and with Daalderop continuing to trade well, we expect to improve on last year's performance."
This morning’s announcemnt follows the release of its annul figures in December which showed the Dublin-based engineering group well below its trading figures for 2000 due to a significant deterioration in its US business.
For the year to September 30th it posted a profit before tax and exceptional charges of €3.1 million against €10.6 million previously, on sales of 294 million against €281.1 million.
At the time, Unidare said it would commit itself to making improvements to every aspect of its business, with particular focus on improving internal efficiency as it relates to costs and capital employed.
Unidare shares were trading at €1.35 - unchanged from yesterday - at 11.00 a.m. on the Dublin Stock Exchange.