Oglesby & Butler hit by currency movements

ISEQ-listed Oglesby & Butler, whose main market is partly based in the US, has reported a fall in interim profits due to difficult trading conditions and the weakness of the dollar and sterling.

The tool making company, which is involved in talks on a management buyout approach by directors AP and JP Oglesby, said turnover in the six months to the end of September was €2.4m, a drop of €0.5m last year.

Pre-tax profits before redundancy costs were €59,000, compared with €334,000 in the same period last year. The company earlier this year made 29 staff redundant, which cost €132,000.

The company sells soldering tools and glue guns, primarily in the north American and continental European markets and is currently listed on the ISEQ exchange at €0.35 a share.