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March 25, 1991updated 05 Sep 2016 2:38pm

RECESSION HOLDS FEW FEARS FOR 56-YEAR-OLD P-E INTERNATIONAL; PROFIT DIPS 25%

By CBR Staff Writer

The Egham, Surrey-based consultancy P-E International Plc took a 25% fall in pre-tax profits, including an exceptional item of UKP584,000 for restructuring, on turnover up 12% to UKP65m. Overseas revenues grew much faster, up 18% to UKP11.4m over the year thanks to increased business in Holland and Germany as well as initial assignments in Hungary, Czechoslovakia and Jugoslavia. P-E ended the year with a net gearing of 6% and had to eat into its cash pile to help pay tax, dividends of 6.2 pence for the year, and payments approaching UKP3m on acquisitions made in 1990 and before. P-E was caught by the recession in the second half, which is traditionally its busiest time, but which yielded a revenue UKP3m shy of its target. In terms of various business sectors, P-E saw fees from manufacturing decline because of a reduced demand for technical services. Meanwhile activities increased in all other areas, with the health service both public and private growing as well as work in the security and sports sectors and the electricity businesses. Fees in the health sector grew because of the acquisition in June of S J Noel-Brown & Co that specialises in total quality management and is strong in health care. Local and central government contracts were boosted by the acquisition of AIMS Systems in October, since AIMS has a strong position in the SSADM market. No business predictions are being made for the current interim period, but the company points out that it was established back in 1934 and has weathered quite a few cyclical setbacks during the course of its life.

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