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November 23, 1993

THORN SUFFER DEFENCE CONTRACT PROBLEMS

By CBR Staff Writer

Thorn EMI Plc, reporting flat first half pre-tax profit of UKP105.0m, says that its defence electronics business, which has been on the block for years, was hit by cost overruns on a contract for fuses clipped about UKP10m off profit, so that it made a UKP14.7m loss, up from a UKP1.4m loss last time; some recovery is expected in the current half but restructuring will mean a full year loss for the problem division; the results took the wind out of the shares, which lost 37p at 912p.

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