Telemetrix Plc, now based in High Wycombe, Buckinghamshire and a very different company since it became, majority-owned by Johannesburg-based Allied Electronics Pty Ltd – it’s now listed on the Johannesburg Stock Exchange, says its 16% increase in turnover (see below) comprises a mix of influences. While GTI Corp, in which Telemetrix holds a 65% stake, accounted for #44m, up 44%, (half of which was derived from the now 90%-owned Valor Inc), Information Systems’ contribution was down 15% at #21.6m, and Zetex’s down 2.4% at #12.1m. The two Zimbabwe activities added #3.2m and Component Trading a further #2.1m. The 1991 figures, for the financial year ending December 31, are compared with restated 1990 figures, which now take into account new accounting pratices on the inclusion of restructuring charges, as well as the group’s consolidation of the results of the Zimbabwe subsidiaries – Conlite and STC – which were previously restricted to dividends remitted. Trading profits were up 25% at #5.3m, after #1.2m restructuring charges this time and #800,000 last time. The US-listed GTI, through Valor, has a strong grip on the local area network hardware components market, says Telemetrix’s newly-appointed chief executive, Tim Curtis (CI No 1,866), its customer base comprising all the major local network board makers. The Information Systems division, split #18m in revenues from Trend Communications in the UK and #4m from continental Rasterex, underwent a year of restructuring – it accounted for #700,000 of the 1991 reorganisation costs, GTI the balance. The division traded at a loss of #1m, up from a #600,000 loss in 1990, both years’ figures including closure costs, such as that of Westward Graphics this time.

ISDN Butt Tester

However, Trend’s Test Division, which makes telecommunications testing equipment, introduced a new handheld ISDN Butt Tester, Aurora, which is claimed to have received a considerable level of interest, with initial orders from various international PTTs. The associated services activity – Telemetrix notes that Trend is more than just a box shop – maintained its installation and maintenance contracts with customers such as Employment Services and National Westminster Bank Plc. Despite a slight downturn in trading profit and turnover, Zetex, the discrete semiconductor manufacturing operation based in Manchester, saw exports increase to 64%, from 61%, and Telemetrix feels the business has done well to be where it is, when many other semiconductor manufacturers are currently trading at a loss. Its products are used in safety-critical applications in the automotive industry in the US and Germany, and internationally by telecommunications manufacturers. Net debt, accumulated outside the US, is down to #4.8m from #7.6m 27% of equity, compared with 51% at the end of 1990. The proposed final dividend has been maintained at 0.6 pence per share, though this figure will be reviewed at the end of the current year. As to the future, Telemetrix is on the look out for acquisitions within its core fields of activity, but is cautiously aware that there is no sign of any let-up in the recession. Most hopes are pinned on GTI, which seems to be well positioned to succeed in the face of economic adversity. The possibility of further group restructuring has not been ruled out.