Strengthened Ensor looks to build portfolio
BUILDING products group Ensor has shown a return to profit in its full year results, after off-loading the burden of loss making operations, and is on the lookout for new acquisitions.
The Wythenshawe-based firm made an operating profit of £504,000 for the year to the end of March 2010, against a loss last year of £801,000, which included discontinued operations.
In March last year Ensor was forced to put its timber and fencing subsidiary Hawkins-Salmon into administration after it racked up losses of £1.3m, as well as selling its Powerplus subsidiary.
Group revenue stood at £19.4m (2009: 21.7m) with pre-tax profits at £256,000 (2009: £500,000). This rose to £383,000 after a tax rebate for the discontinued operations, compared to the £2.3m loss incurred in 2009.
Chairman Kenneth Harrison said: “This result demonstrates the success of our positive actions to combat the worst effects of recession experienced in the second half of last year and the first half of this year.
“Operating profits were improved by stronger buying and control of costs, manpower and stock, albeit in an uncertain market where margins were still under pressure.”
He added that important markets are still “very much” in turmoil and there is also a wait and see atmosphere in the construction market, following the General Election.
However, the group is looking into possible acquisitions of “allied businesses” albeit with a “conservative” approach, he said.
Since the year end Ensor has disposed of its property in Sandbach, Cheshire and earlier this year applied for permission to develop its Brackley, Northamptonshire site. Both properties had been occupied by Hawkins-Salmon.
The group will pay a final dividend of 0.15p a share.
