Irish toolmaker Oglesby and Butler says that in the light of 'current difficult trading conditions' its board has decided not to declare an interim dividend.
Shareholders at the company's AGM today heard that in the six months to the end of September 2007 sales fell by €415,000 to €2.165m. In the same period the company made a loss of €30,000, compared to a profit of €70,000 for the same period in 2006.
In a statement the company said: 'The difficult trading conditions experienced in the first quarter continued in the second quarter and were exacerbated by the further weakening of both the US dollar and the pound sterling.'
The statement also said that its three day working week, introduced early last year, has continued to contain costs.
The Carlow-based firm has developed and is testing a new product aimed at a new sector. It is expected to launch online early in 2008. It has also won a contract to develop another product for a 'major international company' which will generate €250,000 this year.
The company says it expects trading conditions will remain difficult but it believes it is in a position to take the appropriate action to ensure that the Group continues to be competitive.
Oglesby & Butler manufactures and distributes gas powered catalytic hand held tools and accessories.
