Buckle and fastener maker Thomas Walker sees a ‘difficult trading environment’ after annual profits fell from £651,000 to £3,000 pre-tax.

Turnover at the Birmingham-based company, which supplies zips, personal identity and security products, buckles and fasteners to the clothing industry, fell by £675,000 to £9.2 million in the year to June. AIM-quoted Walker, at which Bill Good replaced Edward Cook as managing director in July, says its garment accessories business has suffered from uncertainty as garment manufacture has moved within China and from China to India, Bangladesh, Vietnam and elsewhere. However, a new management team at the company’s stamping division has brought ‘tangible benefits’ since being appointed in December.

Walker shares rose from 21p in 2006 to 56p last December, but have weakened since then. Now 37.5p, they value the company at £2.3 million.

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Thomas Walker	AIM	£1.94m	31.50p	0.00p
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