Barlo MBO still in pipeline

Manufacturing company Barlo have confirmed that a proposed management buyout led by chief executive Dr Anthony Mullins is still being considered.

However, shareholders have been advised that it may not necessarily lead to an offer being made and that a further announcement will follow in due course.

Earlier the company announced after-tax profits of €2.5m - up from €1.8m in 2002 - following publication of its interim results for the first half of the year.

A dividend was not declared as the directors believe that the interests of the group’s shareholders are better served at this stage by focusing on reducing the group’s debt.

Overall, the company said that Barlo plastics performed satisfactorily in what it termed ‘difficult market conditions’, while Athlone Extrusions ‘saw a strong performance’ in the UK market. Its radiator business trading under the Barlo and Veha brands achieved ‘good overall volume growth’, the company said.

Speaking today group chief executive Tony Mullins declared : "The group achieved a satisfactory performance in the first six months in a difficult trading environment, particularly in continental Europe, which accounts for close to 60% of the group’s activities.

"We continue to believe that challenging market conditions will prevail into the second half of the year and our focus will remain on continued debt and cost reduction," he added.