Shares in General Electric Co Plc rose in early trading yesterday following the company’s announcement of ú402m pre-tax for the half year ended September 30, up 6.3% on the same period last year. The results were broadly in line with analysts’ expectations, after disappointing 1994/95 year-end figures. There was no word on the succession to Lord Weinstock as managing director, or to Lord Prior as chairman, despite breathless anticipation in the City. Sales in electronic systems and defence rose marginally with profits flat, but the company said profits in this area were held back by further development costs on some major contracts. The electronic systems and defence order book, including VSEL and the company’s share of Ferranti Thomson Sonar Systems, stood at ú6,086m, 22% higher than at the beginning of the year. The telecommunications division showed profits at ú62m, up from ú54m last time. Telecommunications export sales were up 51% to ú115m and now represent 25% of sales; demand GEC Plessey Telecommunications Ltd’s Synchronous Digital Hierarchy transmission equipment remained high. The company also said net cash had fallen by ú223m to ú1,200m since the end of March, and that its share of net cash in joint ventures fell by ú194m to ú1,280m. Operating profits and margins were better than last year. Research and development expenditure came to ú478m.
