07/04/2006
After lifting annual profits by a third, diversified metals group Metnor is negotiating 'key developments' to improve prospects.
AIM-quoted Metnor increased pre-tax profits 33 per cent to £4.4 million in 2005 on turnover 19 per cent ahead at £79 million. Earnings rose 32 per cent to 20.4p a share and a 9.4p-a-share dividend is proposed, 8 per cent up on 2004.
Newcastle-based Metnor, which took a £281,000 exceptional hit on closing its Middlesbrough steel galvanising plant, ended the year with cash down by £1 million at £4.4 million. The company negotiated a £10 million bank facility and drew down £6.75 million of it to develop its property development activities.
Chairman Howard Gold hints at 'key developments...at an advanced stage of negotiations', which could help ensure another 'strong performance' for 2006. At 249p, up 2p today, the shares, which bottomed at 150p three years ago, value the company at £38 million.
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