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July 13, 1993

RESTRUCTURING RETURNS ELECTRON HOUSE TO PROFIT

By CBR Staff Writer

Electron House Plc has finished its three-year restructuring programme on a high, according to the component specialist’s year-end results. The firm, which pledged to sell off its non-core businesses three years ago, has returned net profits of UKP1.1m against losses of UKP952,000 last time following an extraordinary charge of UKP148,000 following the sale of ‘box shifting’ distributor Bytech Computers Ltd in a management buyout last August. Electron House’s turnover rose 25.4% to UKP78.4m. The Bytech deal, involving a UKP750,000 write-down in goodwill, saw borrowing fall, taking gearing down from 33% to 23%. Barry Charles, managing director of the company, was optimistic that business would continue to improve. The capital employed and the gearing have both improved, he said, agreeing that the company’s remaining businesses would all continue to be profitable this year. The recommended final dividend is up 14% to 1.55 pence per share, and earnings per share rose 87.8% to 4.92 pence.

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