Metalrax, a supplier of specialist engineering and consumer durable products, has continued to make 'good progress' in reducing net debt, which has consistently been lower than anticipated.
The directors anticipate that the group's performance for the full year ended December 31st 2011, which has seen cash flow from operations continues to be positive, will be in line with market expectations.
In a statement the firm said: "With regards to the coming year, the well-publicised macro-economic uncertainty in many world economies is concerning. The group has seen some weakening in forward order books but it is too early to say whether this is the start of a trend.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"However, management continues to focus on growth initiatives, margin improvement, overheads, working capital controls and prudent asset investment."
Metalrax also announced the appointment of Caroline Green as Group Finance Director with immediate effect.
The share price fell 4.98% to 7.72p by 12:11.
NR
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
