Ecoflex prize product for Dyson
SHEFFIELD-based Dyson remained cautious in its outlook today despite posting another strong set of financial results.
The company has embarked on an ambitious transformation of its core business of refractory activities for the steel industry and towards performance materials, such as those that increase the efficiency of catalytic converters and filters.
Reorganisation of the company saw the closure last year of two of its manufacturing units – one of which was in Sheffield.
The materials and technology group reported a 29% increase in profit before tax from £3.1m to £4m for the six months ended September 30. Group revenue increased by 19% to £32.5m from £27.3m.
Underlying earnings per ordinary share rose to 8.57p from 6.79p for the same period the year before – a rise of 25%.
Dyson said that sales in its catalytic converter product Ecoflex had been particularly strong and was set to continue with the introduction of new environmental regulations coming into effect in 2010. Its success is reflected in a 59% increase in sales of the group's performance division.
Meanwhile, the company's traditional business – Thermal Technologies – was building on new product opportunities.
Dr Christopher Honeyborne, Dyson's chairman, said the results for the first year showed a pleasing increase in both sales and profits.
Although he warned that it was necessary to continue with a note of caution despite a good first half, he said that the group remained optimistic.
“While the current uncertainties in the world economy, and in particular in the US car industry, imply caution in the short term, the board remained optimistic for future growth and cash generation,” he said.
Dyson has recently invested heavily in new manufacturing capability of its Ecoflex product in Wales and South Africa, which came on line in April.
Its transformation to performance materials specialist has been largely attributed to outgoing chief executive Mike O'Brien who announced his retirement earlier this year. He is to be replaced by Patrick Lammers on December 1.
