Telemetrix Plc, which has moved its corporate base to High Wycombe, Buckinghamshire from Tewkesbury, Gloucestershire, describes its results as satisfactory. In fact in the current climate pre-tax profits up 30% to UKP2m on turnover up 20% to UKP40m seems well nigh miraculous. However the performance is clouded by net profit down 32% to UKP855,000, which was due to the significant rise in minority interests as a result of the strong performance by GTI. The Information Systems division, which comprises Trend, Torus, Westward, Westward GmbH, Rasterex, Digivision and Expert Graphics, has been restructured – the manufacture of low cost workstations is being phased out. The closure of the Tewkesbury facility is complete and is freed for disposal when market conditions are propitious, says chairman Cyril Newnham. The group believes that its success vindicates its acquisitive strategy in niche sectors of the international electronics industry. The components side of the business, which includes GTI, Valor, Component Trading and Zetex, saw the profile of its business change so that Valor now contributes around half of GTI’s revenues – GTI is the US listed components company. Within this grouping, circuits and components are being consolidated into a single group. As for Valor and Zetex, Telemetrix says that they appear to be bucking the trend in their sectors – respectively local networking components and semiconductors – as their markets haven’t improved but they have. High on Telemetrix’s list of companies to acquire are businesses on the continent that would fit in with communications and data company Trend. Gearing is currently just under 34% and it Telemetrix looks to improve profit and maintain growth.
