Buys help Bulletin beat downturn

TWO sizeable acquisitions helped keep Metal Bulletin on an even keel last year despite the downturn in its specialist publishing markets. Thanks to the £32m acquisition of Canadian financial research group BCA and the £7.6m takeover of American rival Metal Market, turnover rose by 26% to £45.9m in the year to 31 December.

But stripping out the new businesses underlying sales fell by 4% to £34.8m. The exhibitions business was hit particularly hard with a 13% fall in revenues post-11 September.

Chief executive Tom Hempenstall said that this year's performance would obviously be affected by trading conditions in the metals and other financial markets that the group serves. But he declared: 'The ongoing benefits of the businesses acquired in 2001 and the continued development of our portfolio will contribute to this year's performance and will allow us to take advantage of any recovery in our markets.'

Profits before tax, amortisation of goodwill, exceptionals and a £400,000 gain taken as a 'discount on deferred consideration' rose by 3% to £8.5m.

But after amortisation and exceptionals, which include a £4.4m complete write-down of its investment in Lamp Technologies, the reported pre-tax profit slumped from £7.4m to £2.3m. Adjusted earnings were up 4% at 11.54p and the dividend rises by 3% to 5.85p.