Norman Hay (AIM: HNN) results considered ‘extremely satisfactory’ despite a fall in pre-tax profit

The group, which produces coatings, sealants and relevant equipment for a variety of industries including automobiles, aerospace, tunnels, mining and oil and gas, delivered full year revenues of £26.2m (2008: £27m), pre-tax profit of £865,000 (2008: £2.4m) and eps of 6.4p. As usual cash flow was excellent with operating profit of £931,000 resulting in an operating cash inflow of £1.8m. Year end net debt was a meagre £829,000 equating to net gearing of approx 7%. Peter Hay, the group chairman commented that ‘We view our pre-tax profit for the year as an extremely satisfactory result. The cost reduction programme we…