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Lupus expects mixed fortunes to continue
Wed, 08 Feb, 2012
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Lupus expects mixed fortunes to continue
Wed, 8 Sep 2010, 15:19:00
Doors and windows provider <b>Lupus Capital</b> is expecting a continuation of mixed trading conditions in its key building markets in the second half of the year, after slamming back into the black at the halfway stage. Profit before tax in the first six months of the year was £5.0m, versus a loss of £1.3m a year earlier, on revenue that grew to £133.2m from £117.1m. Gross profit margin improved to 35.0% from 33.3% in the first half of last year while the underlying operating margin climbed to 13.0% from 10.3%. Net debt at the end of June was £113.4m, down from £120.1m a year earlier. "In Building Products we expect to make further progress in the balance of the year, although we do not expect to see a repeat of the marked period on period increases evident in the first half. In Oil Services, the timing of sales favoured the first half of the year and, due to the discrete nature of its orders, Gall Thomson should not necessarily be expected to repeat this performance in the second half," James Pike, non-executive chairman of Lupus, warned. The company has not declared an interim dividend but will consider restoring payouts once its banking arrangements permit.
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