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Jarvis Porter: 1H 2003 profit, 2H begins well

Jarvis Porter Group PLC moved into profit in the 1H 2003 to 31 August 2003 and said trading in the 2H had started well. During the period, Jarvis successfully completed the acquisition of flat and ben…

Jarvis Porter Group PLC moved into profit in the 1H 2003 to 31 August 2003 and said trading in the 2H had started well. During the period, Jarvis successfully completed the acquisition of flat and bent glass manufacturers Darby Group PLC. The company posted a pretax profit of GBP 1.8 million compared with a loss of GBP 340,000 a year earlier. Post acquisition results for Darby have surpassed expectations, particularly from the Glazing Products division. This reflected the strength of the housing market and maintained levels of consumer spending, it said. Jarvis Porter sales came in at GBP 8.4 million, reflecting the initial four-month contribution from its only trading subsidiary, Darby. The group had net funds of GBP 5.3 million at the end of the period. Jarvis expects capital expenditure to accelerate as it invests to give Darby“s major facilities the means to process soft coated glass. “The group is in a far healthier financial position than at this stage last year, has a solid platform for future growth, and has net funds available for further investment opportunities,” Jarvis Porter said. While sales and profit grew in the Glazing Products division of Darby, its future performance will depend on a strong housing market and the continued strength of consumer spending, the group said. Darby Group chairman Christopher Mills said he expected progress to be sustained whilst re-equipping the division to become more productive and to meet anticipated further changes to the UK building regulations. He added “Overall, the acquisition of Darby has proved extremely positive and gives confidence for the year ahead and beyond, whilst the board will continue to seek further opportunities to deliver shareholder value”.

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