Dublin-based engineering group Unidare said its initial overall trading results are behind last year due to a significant deterioration in the US.
It said it assumes that trading conditions will continue to be extremely difficult.
The comments came as Unidare said it has omitted a final dividend after posting a drop in full-year profits and that, given the economic conditions, it is unsure when the dividend will be restored.
Unidare said it is committed to making improvements to every aspect of its business, with particular focus on improving internal efficiency as it relates to costs and capital employed.
This will form a strong base for profit growth as and when there is an economic recovery, it said.
For the year to September 30th it posted a profit before tax and exceptional charges of €3.1 million against €10.6 million previously, on sales of €294 million against €281.1 million.
Adjusted earnings per share were 15.1 cents against 45.8 cents. On the Dublin market this morning Unidare’s shares were unmoved at 10.30 a.m. on €1.35.
AFP
