Albion slumps into the red

ALBION plc, which recently announced the closure of its subsidiary Copeland Clothes in Ballywalter, Co Down, with the loss of 200 jobs, has reported a sharp fall in profits. The Belfast-based company made a loss of £680,000 sterling last year, compared with a profit of £620,000 the previous year. Turnover remained static at £25.6 million.

The company described the results as disappointing, and said turnover had been maintained only at the expense of profit margins on clothes produced in Northern Ireland. The directors will recommend a cut in dividend from 3.2p to 1.8p at the company's a.g.m. next month.