Kode International Plc slipped its results out quietly last Thursday, and it is not hard to see why it was reluctant to shout about them. The Calne, Wiltshire printed circuit board manufacturer made pre-tax losses of ú9.1m for the year to December 31, against profits last time of ú780,000, on turnover up 15% to ú18.9m. Kode sold its loss-making personal computer services arm, DCM Services last December (CI No 2,556) for ú1.5m, but after writing it off this resulted in a loss of ú744,000 on the disposal, together with a good-will write-off of ú6.4m. The group is now down to two units, Kam Circuits and Kamtronics. After a bad start to the year, Kam Circuits orders picked up considerably, and the new year has started well, according to chairman Alan Brooker. The company plans significant capital investment this year to maintain its position. Kamtronics is a high-volume printed circuit board manufacturer in the far east. Kode professed to seeing green shoots of recovery in the business at the half way stage (CI No 2,483), but these have withered and died. Severe supply problems led to margins being squeezed. This time, according to Brooker, the company is properly placed to exploit the market and predicts an acceptable levels of profitability in 1995. Kode’s share price fell five pence to 57 pence on Thursday, probably held there by lingering hopes of a bid. Kode dismissed such rumours last year. Chairman Alan Brooker meekly predicts satisfactory results for the current year, and adds that the company will resume dividend payments as soon as it is considered prudent.
