Several shareholders expressed anger at the financial performance of power tools manufacturer Oglesby & Butler yesterday at the company's annual general meeting yesterday.

Some shareholders said executive directors should take a salary reduction proportionate to a first-half fall in revenues reported this week.

However, all seven proposed resolutions - including the appointment of Mr Tom Byrne, formerly of Davy Stockbrokers, as executive director - were passed easily.

The company also won approval to purchase company shares and to re-issue treasury shares on the same terms as those agreed at last year's meeting on the understanding that shares issued would not exceed 10 per cent of existing share capital. The directors said they did not intend to exercise these powers.

Last Wednesday, the Carlow-based company reported pre-tax profits of €334,000 in the first half of its financial year, down 4 per cent on the previous year. Sales slipped by 1.7 per cent to €2.9 million, while operating profits slid by 2.7 per cent to €355,000.

Oglesby said the results were in line with expectations but noted that margins continued to be adversely affected by the increased cost of materials and higher labour costs.

It said third-quarter sales in the US and globally were holding up well and the considerable initial interest in its glue-gun range of products was gradually translating into orders.