European electronics- and telecommunications-focused distributor Holders saw pre-tax profits fall two-thirds to £300,000 in the year to 30 November, as turnover slumped 11% to £11.8m. EPS was 6.2p against last year's 15p, while the dividend has been reduced from 5.5p to 2.5p, for a total of 4.5p. The market problems that have been affecting the company have been well documented elsewhere, relating to a severe downturn in the markets that it serves as investment levels have trailed off. At the interim stage the company reported that the downturn had reached a plateau, but the hoped-for improvement didn't happen in the second half. For the future, the company says that any upturn in the market place will be quickly reflected in trading, while emphasising that it has its eye on possible acquisitions given the elimination of net debt. At this price Holders looks like a decent means with which to bet on a technology recovery.