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European downturn batters Holders

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Holders Technology, a provider of specialised materials, equipment and services to the electronics industry, plunged today as the economic slowdown hit its half year figures.

Profit before tax for the six months ended 31 May fell to £0.4m from £0.5m a year ago on revenue down from £9.5m to £8.8m.

Chairman and chief executive Rudolf Weinreich said all the firm’s European activities had experienced the impact of the slowdown in European economic activity.

Scandinavia is most affected by falling volumes, while the UK has escaped the worst.

“In general we have maintained margins and where possible we have taken steps to reduce overheads,” said Weinreich.

“Our continuing policy of seeking to identify new suppliers of innovative materials is being successfully realised but the impact of this on the current year is too early to forecast.”

The dividend stays at 2.1p per share.

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