A RETURN to reasonable profit growth is anticipated at industrial holding company James Crean after disappointing results for last year when pretax profits, at £14.97 million, were effectively at a standstill.
Falling profits from the food division, high interest costs and adverse currency movements conspired to produce the indifferent results. Lower sales of frozen food at its US based food division, sliced £1.6 million off operating profits to £10 million. On the non trading side, the group had to contend with a £1 million rise in debt financing costs to £5.3 million with net borrowings up from £39.9 million to £43.6 million. There was also a £1 million loss on currency conversions.
On the credit side, the paper, print and packaging division operated by Inishtech performed well with operating profits rising £1.7 million to £10.5 million on the back of a £14 million improvement in turnover.
Despite moribund profits and a 1.2p fall in earnings per share, shareholders receive total dividends of 14.875p a share, a 5 per cent improvement on 1994.
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