LONDON (Alliance News) - Tex Holdings PLC Friday reported a rise in profit despite a drop in revenue in 2014, as it seeks to shed lower margin products and improve profitability.
The company reported pretax profit of GBP1.2 million for the year ended December 31, up from GBP744,000 in 2013. This was despite revenue dropping to GBP36 million from GBP38.4 million as the group culled lower-margin products to improve profitability.
The plastics division achieved a GBP300,000 improvement in profit, while the engineering division achieved a "modest" profit compared to a loss in 2013, which was caused by the poor performance of the contracting business.
The boards and panels division maintained its performance, the group said.
Tex also noted that the group's net assets per share have decreased from 145 pence to 137 pence "as a result of the impact of the movement in the Pension Scheme deficit".
Tex will pay a total dividend for the year of 6 pence per share, up from 4p the year before.
"Orders for the first quarter are modest as expected, and the board remains cautious, given the current worldwide political and economic uncertainties," Chairman ARB Burrows said in a statement.
Shares in Tex Holdings were trading down 1.6% at 90.00 pence midday Friday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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