Unidare announces 40% fall in profits

Industrial supplies distribution group Unidare has announced a 40% dive in full year profits to €4.4m for the year to September .

A decrease in demand caused sales to fall 20% in the year to €203.7m.

The board said that it would not recommend the payment of a dividend because of the current uncertainty in its markets.

Net debt increased to €22.3m from €17.3m and shareholders funds fell nearly €5m to €53.3m.Basic earning per share (EPS) for the year fell 20% during the period.

The Dublin and London listed company blamed currency translation for €0.7m of the decline.

The company employs approximately 800 people.