Gas catalytic tool manufacturer Oglesby & Butler has reported a sharp decrease in pre-tax profits for the year to March 31st. Profits before tax for the year were £558,000 (€708,000) compared to £752,000 last year, down 25 per cent. Group sales were £4.2 million compared to £4.6 million in 1999. Earnings per share were 4.44p.

A final dividend of 1.15p per ordinary share is proposed making a total of 2.5p, the same as in 1999.

The company said sales were adversely affected in the later part of the third quarter due to a deferment of orders, with a consequent effect on profitability. In the last quarter, orders reached a record level, the company said, but the lost profits could not be fully recovered due to limitations on production capacity.

Chairman Mr Nevin O'Dow ling said the company believed the deferment of orders was due to clients who had Y2K problems. The sales growth trend achieved in the fourth quarter continued into the first quarter of this year, he said.