Irish based ceramic manufacturer Qualceram Shires today announced pre-tax profits of €3 million for the first six months of 2003, although most of the gain is attributed to asset disposals.
Turnover in the first half fell 4 per cent to €49.2 million but Irish revenues were up 7 per cent. In Britain revenues were broadly flat but down 11 per cent when translated into euros.
Net debt declined to €18.9 million, from €47.3 million at the end of 2002 as a result of the sale and leaseback agreement announced earlier this year.
Qualceram said the delay in the closure of the production facility in Stoke on Trent had an adverse impact on the results due to the high fixed costs at the factory. The closure is expected to be completed in September 2003.