Armour Group (LON:AMR) , the in-car and home entertainment specialist, said sales were up 12% at £29.7m in the half-year to end-February, compared to £26.7m. Profit from operations was up 21% at £1.2m (2009: £1m). Profit after taxation was up 55% at £0.8m (2009: £0.5m). Cash outflow from operating activities was £0.3m (2009: inflow £3m). Basic earnings per ordinary share were up 63% at 1.3p (2009: 0.8p).
George Dexter, CEO, said:
'The Group results for the six months to 28th February 2010 reflect a significant year-on-year improvement with sales up 12% at £29.7m and profit after tax up 55% at £0.8m. Both of the Group's operating divisions have traded profitably and continue to make satisfactory progress in these early stages of the wider economic recovery.
'Our strategy to maintain investment in new product development throughout 2009 has undoubtedly helped sales, with new products such as QTV driving sales growth.
'The conditions in the markets we serve have improved and we expect this to continue going forward, although we do anticipate further volatility as there are a number of uncertainties that remain concerning the strength and speed of the wider economic recovery. The Group's business model and strategy continues to deliver new contracts, new customers and new products. This underlines the Board's confidence in the Group's prospects and its ability to prosper as the economic recovery strengthens.'
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