Companies: SND   

Diversified Send made a pre-tax profit of £1.7m before the same amount of exceptional costs in the year to December. The exceptionals related to its demerger from TT electronics, asset write-downs, and some redundancy and related costs at glass packaging business Beatson. Turnover was well behind expectations, at £82.2m. Looking forward, the outlook is uncertain. Continuing difficulties at Beatson and problems at modular building business Rollolong contrasts with strong demand from the Ministry of Defence and education authorities for its simple, low-cost accommodation blocks. The company's market value is well below its net assets, which totalled £27.6m at year-end. As such, some disposals could bring benefits. Hold.