Norman Hay Sees Profits Slide as Trade Hit by 'Prevailing Economic Conditions'
Surface coatings-maker Norman Hay Group has seen profits plunge by more than three-quarters as the spending slowdown continues to hit sales.
The Coventry firm achieved pre-tax profits of pounds 433,000 in the six months to June 30, compared with pounds 1.8 million in the same period last year.
The company blamed prevailing economic conditions for a fall in halfyear sales from pounds 13.7 million last year to pounds 12.4 million in the first half of this year.
Chairman Peter Hay said in a statement to the London Stock Exchange that the company had already commenced its plans to fight back against falling revenues.
He said: "We have been experiencing turbulent trading conditions around the world since the final quarter of 2008 as our customers were affected by prevailing economic conditions.
"Since that time we have been restructuring and adjusting our manufacturing base to help offset the effects of lower customer demand, whilst ensuring that our individual businesses remain in a strong position to take advantage of any longterm growth opportunities. …