THE Jones Group has reported losses of £1 million in 1996. The result is broadly in line with expectations, with the group absorbing an exceptional charge of £4 million for the restructuring of its manufacturing division.
This cost was included in the group's interim figures. Much of it has since been offset by good profits in the second half of 1996, earned from the sale of property in Dublin and the disposal of two of the group's ships.
The radiator, shipping and oil - distribution group has reported operating profits of £1.12 million over the 12 month period compared with operating losses of £92,000 in 1995.
Its turnover in 1996 rose strongly to £98.6 million, up £12 million on the previous year. The loss means that shareholders will not be paid a dividend.
In a statement yesterday, the group said the restructuring of its radiator companies was progressing "according to plan" adding that, it was "confident" that recent losses would not be repeated again next year.
Its troubled Runtalrad radiator business has been substantially reorganised and its cost base brought into line, according to the group. It has also integrated Thermal Radiators in Portsmouth with Keeling. Heating, and says this enlarged operation is showing signs of recovery. Its Mid West Circuits business, trading as Shannon Circuit Technology, generated a satisfactory profit, it said.
Shipping interests showed a considerable improvement with charters performing well. The oil division, which includes Blugas, managed to hold its 12 per cent share of the Irish butane cylinder market and contributed a profit.
