Ann: ITL Limited 2014/15 Results Update, page-3

The costs related to the factory were flagged by management in the half yearly and so 2nd half was always going to be weak. I like the way they had the foresight to report these in advance

The two additional items are the result of prudent accounting - expensing legal patent protection costs and providing for faulty inventory that may be recoverable from insurers or suppliers. I think both these are one-offs, but would be interested to know more about the patent issue.

The problem I have is that debt has been creeping up whilst they have been buying back shares and paying dividends. Still, current debt levels are not excessive.

The new factory doubles manufacturing capacity and so if there's enough demand for the new products ITD has planned, there should be significant growth ahead.