Reading, Berkshire-based Unitech Plc has reported an odd-bin assortment of figures which are inflated by its restructuring activities throughout the year to produce an extraordinary gain of UKP36.6m (see Company Results) giving net profits of nearly UKP49m, which must be balanced against its net debt at year-end of UKP88m. At the pre-tax level profits rose 50% to top UKP22m on turnover up 24% to a little over UKP269m, but included eight months’ results from the Distribution Division which contributed UKP72.2m to group turnover in that period and was sold in January. Furthermore, Veeco Instruments which was acquired in the spring has also been included for the past five months contributing UKP11.5m to total turnover. The group’s core business remains power supplies, closely followed by connectors and special products, with control products and instruments lagging behind. As for its outlook, Unitech intends to reduce debt further this year by selling off more of its excess to requirements assets.
