Preliminary results presentation 2008/09 - September 2008

On a like for like basis to last year’s operations, PBT closed at £12.9m (2008: £14.7m), after a loss of £2.8m and before an asset write down of £3.8m relating to the exhaust business, which is now classified as discontinued.

Results presented are for the continuing operations (therefore excluding the exhaust business in Germany)

• Order book level at £97m (June 2008: £97m)
• Revenue of £178.8m (June 2008: £181.9m)
• Profit before tax up 1% to £15.7m (June 2008: £15.5m)
• Basic earnings per share up 13% to 28.8p (June 2008: 25.5p)
• Net debt at £3.5m (June 2008: £0.3m); minimal gearing level maintained
• Full year dividend of 10.7p (June 2008: 10.6p)
• A strong result driven by our diversification strategy, headcount reduction and balance sheet management despite a year of unprecedented falls in demand in global automotive markets