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July 29, 1994

UNITECH’s PROFITS TURN UP AGAIN BUT IT REMAINS CAUTIOUS ON THE FUTURE

By CBR Staff Writer

Unitech Plc has reversed last year’s trend of falling profits by posting a group profit of ?19.8m before tax, up 88% from last year’s ?10.5m. This gave an immediate boost to its shares which rose 16 pence to 344 pence within hours of the announcement. But the company remains cautious; Peter Curry chairman said The improving sales trend experienced in the second half of 1993-94 has continued for the first two months of 1994-5. While it is clearly much too early to predict the outcome for the year as a whole, the board believes that the opportunities now available to the group should enable it to maintain this encouraging progress. Sales of ?302m were an increase of 20% on the previous year, adjusted down to 9% after allowing for currency movements. Unitech, which is a worldwide manufacturer of electronic components and controls, attributes its emergence from recession to its investment in new products and facilities in the last four years despite difficult economic conditions. Since the year end the group has acquired Advanced Analog Inc, a US maufacturer of high density converters for military and aerospace markets. Demand in Unitech’s largest division, Power Supplies, continued to improve in the second half, though an increase in the UK and Germany was offset by a decline in France. It doubled its profit before tax to ?20m, with its part owned-Japanese Subsidiary Nemic-Lamda, contributing ?12.3m. Power Supplies makes products that convert mains alternating current to direct current for electronic equipment. The Control Products division reported profits of ?4.8m, up 63%, part of which was thanks to contributions form last year’s aquisition, Oreg Drayton of Germany. This division makes components of heating an ventilating systems. However, its Connectors division, which makes products for connecting and testing electronic components, reported a loss of ?500,000 against profit last time of ?1m.

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