SWP shares suspended
14:50 07 Apr 2004
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Products manufacturer and installer SWP has had its shares suspended by the Stock Exchange because of its inability to finalise its financial results.
The directors' statement said they were "in the process of finalising" the figures covering the six-month period to 31 December 2003. They added that they are close to announcing a deal to strengthen the company's balance sheet - the group is in need of extra working capital.
The most recent figures for SWP show that a turnover of £18m in the 12 months to 30 June 2003 produced a pre-tax loss of £710,000, marginally worse than the £640,000 loss in the previous year. Chairman Robert Muddimer said this performance is "another disappointment in what is now a long run of unsatisfactory results".
SWP operates through three main subsidiaries: Fullflow, which manufactures and installs rainwater management systems; Crescent of Cambridge, a manufacturer of spiral and other specialist staircases; and DRC Polymer Products, which has caused problems in the past, with a cumulative loss of £550,000 over the 24 months to mid-2003.