The loss-making US subsidiary of Telemetrix dragged the electrical components company into the red, reporting #6.9m pre-tax losses for the year compared to #10.4m profits last time.
Telemetrix has a 57% shareholding in the Nasdaq-listed GTI, a manufacturer of network components. The US company experienced a sharp downturn in demand, particularly in the first half, and it reported operating losses of #6.7m, including #2m for restructuring. Telemetrix' UK profits of #5.8m were subsumed by these losses and an additional #6m loss on the disposal of Promptus, a GTI subsidiary.
Tim Curtis, Telemetrix chief executive, said GTI's problems were created largely by Valor, the network manufacturing subsidiary. A new management team and radical restructuring led to an upturn in the fourth quarter, and the company achieved break-even point. He said the year had been 'horrible, but the outlook is promising.
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