UFO Info Week-End

By the close turnover was a modest 467

By the close turnover was a modest 467.7 million shares.Smith New Court remained out of favour. Talk the currency crisis has merely been delayed is a nagging irritant that could become much more intense if the pound comes under more pressure. New York’s holiday strength, with the Dow Jones Average hitting a new peak, helped banish the foreign exchange blues, which were not as deep as many had expected.
But the stock market remains jittery. The feared crunch failed to materialise. Sterling, as expected, felt the impact of the no-change interest rate decision but shares ignored the currency turmoil, with the FT-SE 100 index closing 9.5 points higher at 3,261.2.

The structural changes implemented by the new board would give the company effective financial controls, a real sense of purpose and direction and profitability will be quickly restored.”The restoration of a dividend payment would be an urgent priority,” Mr Page added.Turnover was £16m, up from £14.2m in the previous year No dividend will be paid again this year. The loss per share is 147p, compared with a profit per share of 7.7p. BY RUSSELL HOTTEN

Alan Groves, finance director of Northern Electric and a key part of the team that fought Trafalgar House’s takeover attempt, announced yesterday he is leaving the company later this year.
He will be replaced by John Edwards, 46, finance chief of Jaguar Cars for 15 years, who could find himself on the sharp end of a takeover fight almost immediately.Although Trafalgar’s offer for Northern was scuppered when the electricity regulator announced new price cuts, analysts believe the company will eventually make a second takeover bid.A spokeswoman said Mr Groves, 58, had decided to retire, but would work with Mr Edwards, who joins in August, during a transitional period.The company would not disclose Mr Edwards’ terms of employment, though it is expected he has arranged safeguards should he lose his job in the event of a successful Trafalgar bid.Mr Edwards was Jaguar’s finance director during its spin-off from British Leyland, flotation in 1984 and then takeover by Ford in 1989.. He said: “In my view, this is largely attributable to the failure of the former senior directors to address the endemic problems which beset the company.”In recent years there has been an almost complete absence of effective management accounting and lack of financial control despite substantial investment in new systems.”Mr Page said the company was fundamentally sound. “This absence of direction was particularly unfortunate as the underlying and inherent strengths of the business remain undiminished.”We have a very good blue-chip customer base. These include two Walker family members, who sold their 25 per cent stake last December.The company said the poor performance was due to stock control difficulties encountered by new management when they took over at the end of 1994.Adam Page, chairman, said the loss was the biggest in the company’s history.

The company made £61,000 in 1993.
Three of the company’s previous management will share £330,000 for loss of office following changes late last year. There is still pent-up demand waiting to be unleashed,” he added. “The Government seems to have lost its long- held view that it supports home ownership.”The reduction in mortgage interest relief and the erosion of mortgage support for the jobless had undermined confidence.Mr Roydon said that land had become more expensive, but the company was confident it could continue to maintain its margins in the region of 10 per cent.Turnover was £97m, up from £60m Earnings per share are 7.8p (3.5p) The dividend for the year is 3.8p (3.4p).. BY WILLIAM GLEESON

JO Walker, the midland based timber merchant, made a £1.17m loss for the year to the end of December, in line with expectations following a profit warning in April. One week things are looking good, the next they are down again, TerryRoydon, chairman, said.”People haven’t got the confidence back. With interest income – £900,000 in the half-year, down from £1m before – that is meant to fund half the research and development budget, with the rest coming from big drug company partners.