Halma, the safety and environmental technology company, reported profits this week up by just 10% at £37.1m compared to the 20% plus increase in recent years.
David Barber, chairman, said that its Apollo business, which exports 60% of its output, had been hit by the strong pound.
He said that although it had `a very good result with high margins, profits were inevitably reduced’. Memco and its US sister business, Janus, were also hit by pricing pressures and component problems.
A products upgrade took longer than expected to put in place, and that impacted significantly on results. And the second half was hit by a strike affecting some major Janus customers.
Pre-tax profits – still a record – were £37.1m on sales up 15% at £200m.