Domnick Hunter profits up

Related tags Currency

Domnick Hunter, supplier of processing equipment, has reported that
its profits for the first half of the year rose substantially on
the back of increased sales turnover.

Domnick Hunter​, supplier of processing equipment, has reported that its profits for the first half of the year rose substantially on the back of increased sales turnover.

Profits before tax were £5.7 million (€8.2m), up 16.3 per cent on the first half of 2002, whereas turnover rose 13.5 per cent to £67.5 million, up 13.5 per cent compared to the weaker first half of last year. Similarly operatingprofit, increased by 13.3 per cent to £6.1 million.

"Domnick Hunter had a successful first half in both Industrial Operations, which includes the NBC protection systems business, and in Process Operations,"​ said Domnick Hunter chairman Brian Thompson. "The second half has started well with good order intake and July results ahead ofthe same month last year."

Thomson added that despite tough global economic conditions he believed that the company was well poised to deliver a similar performance in the future.

Currently Domnick Hunter has trading subsidiaries and associates in 24 countries and manufacturing facilities in five countries and employs over 1400 people worldwide.

The group operations are divided into two business segments: Industrial Operations is a world leading business which provides filtration, purification and separation product used to treat compressed air and other gases. It has a broad customer base which is supported through its international network of sales companies. Nuclear Biological Chemical protection systems ('NBC') is a new derivative technology within Industrial Operations.

The other group sector is Process Operations which specialises in the manufacture and supply of filters for the clarification, stabilisation and sterilisation of liquids and gases principally in a host of industries, one of the mainstays being the food and beverage industry.

The company also reported that for the first time in several years, the impact of foreign currency movementson the reported results bought about a positive outcome for the company. Principally, significant sales in USdollars and Euros, when translated into Sterling, produced a £2.0 million increase in both turnover and costs but, according to the company, left operating profit unaffected.

Process Operations performed strongly in most market sectors and countries, withEurope and US doing especially well. Sales increased by 21.9 per cent and operatingprofit by an impressive 34.7 per cent. The company reported that work is well underway at Birtley, UK, on the £3 millionexpansion of the process filter manufacturing facility that will be completed in 2004 and provide substantially increased capacity.

In general, market conditions for Industrial Operations were said not to be buoyant,but still contributed to a 10.9 per cent sales growth.

The company said that it expected the second half of 2003 has already started well with good order intake and July resultsahead of the same month last year. The company board said that despite continuing worldwide economicuncertainties, it believed that growth will continue in the second half.

Related topics Processing & Packaging

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