a stock that all short/medium-term investors should keep a close eye on.....(div.pmts reinstated by June'04)
Henry Walker Eltin Group Limited pre-tax profit was $6.9 million for the six months ended December 2003 compared with a pre-tax loss of $30.8 million in the previous corresponding period. Net profit after tax rose to $12.4 million, predominantly as a result of tax credits generated from the tax consolidation regime, and compares with a reported net loss previously of $29.1 million.
Reported earnings per share rose to 7.5 cents from a loss of 17.6 cents previously. No interim dividend has been declared.
Henry Walker Eltin is on track to report a positive net profit after tax for the year ending June 2004. Margin improvement will be the main focus, with plant management the key issue. New contracts provide a sound platform for improved returns. Pre-tax profit in the second half-year is expected to be modestly higher than that reported in the first half-year. Financial returns in the full-year ending June 2005 will more fully reflect recent management action.
Directors continue to target a return to a dividend payment for the six months ending June 2004.
HWE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
