Zytronic disappoints with full-year results after 'difficult' H1

Full-year profits more than halved at Zytronic, a manufacturer of touch sensors, hit by a 'particularly difficult' first half following the absence of some large one-off orders and projects. Pre-tax profits in the year ended September 30th decreased from £4.2m to £1.9m year-on-year (yoy), pushing adjusted earnings per share to 11.1p from 22.2p a year earlier. This was despite an improvement in second half underlying pre-tax profit to £1.6m from £0.8m in the first. Revenue fell from £20.4m to £17.3m year-on-year. The group explained profits were also hit by a £0.4m one-off non-cash impairment of a royalty pre-payment.The total dividend for year increased by 7.1% to 9.1p (2012: 8.5p). Chairman, Tudor Davies, said: "The first two months of the current financial year have seen a continuation of the improved margins and order intake experienced in the second half last year, and as long as the benefits from the trend towards touch sensor products continue, performance should improve this year."Following a particularly difficult first half, the performance for the year [...], after five years of continuing growth, was disappointing. However, the second half has shown a considerable improvement with an underlying operating profit [...] compared with the first half." The share price fell 8.81% to 191.50p by 10:25 Tuesday.NR