Kode International Plc seems to be weathering the recessionary storm, with a healthy set of results at this interim stage. Pre-tax profits were up 161.9% at UKP330,000, while sales rose 29% to UKP9.6m. The performance of the computer maintenance and printed circuit board manufacturing group was reflected in a shareholder-pleasing 50% increase in the dividend to 1.5 pence. Kam Circuits, manufacturer of medium-volume, sophisticated printed circuit boards, was said to have performed very satisfactorily, with an increase in revenues of approximately UKP1.5m to UKP5m. A sales office was recently set up in Dusseldorf, Germany in an attempt to penetrate the market there further, and expansion into other parts of Europe is a distinct possibility. At the present moment, most European business is conducted from the UK headquarters in Swindon, Wiltshire. Kam Printronics, a joint venture with the Chinese Allied Group that produces high-volume printed circuit boards, likewise was said to have performed well. It contributed about UKP2m-worth of sales, a massive jump from UKP800,000 last time. This, however, is expected to reach UKP4m by next year due to the sharp prices of products on offer. Other new agreements with manufacturers in Korea, Taiwan and Malaysia are currently under examination. The Kode Computers arm, which recently acquired DCM Services (CI No 1,988), saw little significant growth in sales. These remained flat at about the UKP2.6m mark. Integration of DCM is, however, expected to be complete by the year end, when contribution to profits should become evident. So, all in all, Stephen Day, Kode’s chief executive, was quite pleased with the group’s performance, especially given the fact that profitability was UKP30,000 better than analysts had forecast.
