4 February 2012

Buckland loses £0.5m

07/07/2005 Robert Tyerman

Gas and electronics components outfit Buckland lost £488,400 last year and says rationalising its Thai operations is causing 'some strain on short-term liquidity'.

AIM disaster Buckland says hopes aroused by a promising first half year were dashed in the second six months, with Chinese competition a depressing factor. Chairman Patrick Rogers reports that the company has decided to pull its Euro Asia Connections arm from connectors, making most of its workforce redundant.

In February, Buckland acquired the business of Kigass Electronics, which makes spark ignition electrodes and spark generators under the name of DK Gas (UK). Rogers claims that, once the Thai problems have been resolved, 'we should be able to achieve a satisfactory return on shareholders' funds'.

With Buckland shares, floated seven years ago by broker Seymour Pierce at 15p, now languishing at 0.25p, the market is not yet in a mood to share to share the chairman's confidence.

Companies: Buckland Group

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