Alvis uncertain of Iraqi war benefit
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Manufacturing News, Source : TheManufacturer.com
Published : 25 Sep 2002 8:57
Alvis, soon to be the UK's sole tank manufacturer after last month’s deal to buy Vickers Defence Systems, has said it is unclear how it would benefit from a war in Iraq.
In a report by the Financial Times, chief executive Nick Prest said: "If there is a substantial British deployment, there should be some additional business but we simply don't know."
The company added that the Vickers deal, due to be completed this month, was unlikely to have any "material effect" on its profits this year. However, Mr Prest said Vickers would add about £35m ($54.5m) in annual aftermarket sales to the group, for a total of about £80m-£100m.
Alvis last week reported interim pre-tax profit fell sharply from £22.2 million to £7.9 million, on sales of £97.3 million.
However, underlying profits for the six months to June 30 were 28 per cent ahead of last year, which had been distorted by a £16.1m gain on disposals.
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