OMI International, the troubled engineering solutions group, returned to profit with the £1m pre-tax the City had expected and the dividend restored via a token 0.1p.
William Duggan, chairman, said it will take time to restore investor confidence. The results did nothing for the share price which sticks stubbornly around 20p.
Stephen Williams, at stockbroker Williams de Broe, said management is `proving its mettle’ and the shares are undervalued. The strong pound curbed profits last year, and Williams has cut his 1997-98 pre-tax forecast by £400,000 to £1.78m to take account of adverse exchanges this time.