18/08/2000
Caution is Armitage Brothers' approach after a sluggish market halted sales and dented profits. Final results to May 2000 showed that sales in the pet food, pet accessories and wholesales divisions were all flat. More depressingly, pre-tax profits fell from £1.5m in 1999 to £0.6m. Despite these knock-backs, financial director A Matthews is maintaining the dividend at 8.2p, which indicates the company's confidence at completing a turnaround. The investment plan for the Pinxton factory should improve operational facilities and the disposal of Aitchisons will help the company to focus on its core pet businesses. Brokers Beeson Gregory predict a decrease in turnover next year due to this disposal but a significant increase in pre-tax profit is also forecast.
| Market cap: | £7.29 |
| PE Forecast: | n/a |
| PE Historic: | 7.3 |
| Share price: | 180p |
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