TDS Circuits Plc of Blackburn, Lancashire has cut losses by over half following its restructuring 15 months ago. The unpopulated circuit board manufacturer posted interim results showing losses reduced by cost cutting activities, and factory investment. The firm, 46% owned by the Italian Technicomp Group which is in turn partially owned by Ing C Olivetti & Co SpA, cut losses to UKP196,000 from UKP488,000 last time. Turnover fell slightly to UKP3.4m from UKP3.5m. The company has tax credits of some UKP4m and paid no tax. The market was helped by devaluation but is still difficult, said managing director Graham Partridge, who added that 50% of the company’s business came from overseas. The company took on 15 extra staff in the period, mainly in manufacturing, taking the total to 140. TDS will have invested UKP400,000 in increasing manufacturing effiency by the end of the year, and expects to recuperate that cost in two years. It has also been participating in a regional Department of Trade & Industry initiative under which it will get UKP70,000 to UKP80,000 of training in various aspects of quality management.
