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Thomas Walker profit slumps

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    Date: Wednesday 15 Oct 2008

    LONDON (ShareCast) - Full year profit at zip and valve maker Thomas Walker slumped after challenging trading conditions but it remains confident that the fundamentals of its operations remain sound.

    For the year ended 30 June pre-tax profit fell to £3,000 from £651,000 the year before while revenue dipped to £9.2m from £9.9m.

    The group said the general trading environment in the early months of the new financial year have been difficult.

    The group’s stamping operations, which makes electrical fitting and plumbing valves, suffered as house builders reduced spending amid the deteriorating housing market.

    Likewise a downturn for clothing retailers in the UK, Europe and US meant reduced demand for Thomas Walker's accessories such as zips, buckles and braces.

    A final dividend of 1.0p per share has been recommended.

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