The industrial automation group, Hove-based Eurotherm International Plc, saw pre-tax profits of UKP4.6m for the half-year to April 30, down from UKP6.4m last time, on turnover of UKP77.5m, also down from UKP80.1m in 1990. The company says that the relative trading stability earlier in the year has not been maintained, and there has been a marked deterioration in world economies, particularly marked in the US, UK and to a lesser extent, continental Europe. Sales have grown slightly, but margins have dropped by 3%, although the company believes that can be recovered as new products become more mature and achieve higher volumes. Eurotherm says that it has reduced capital expenditure and made a number of redundancies, and despite its acquisition of Aeonic Systems, gearing is only slightly higher at 33%. However, the company sees no indication that the US and UK economies are picking up, although orders are slightly ahead than last year.
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