Gulf starts at Sheikh Adi-2 25/05/2012
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Pentagon Protection moves into profit
AIM-quoted Pentagon Protection, which provides protective glazing products to the commercial and automobile sectors, posted an encouraging turnaround last year, aided by a storming performance from first acquisition Filmtek.
The group said last time's £270,000 losses became a £179,000 pre-tax profit in the year to September as turnover rose 184 per cent to £3.3 million.
Filmtek, which installs safety, security and solar window-film on commercial buildings for blue-chip operators like HSBC and Marks & Spencer, contributed £1.85 million in revenues, despite being bought only last December.
Pentagon's existing business also grew by an encouraging 25 per cent to £1.5 million. The bulk of operating profit was provided by Filmtek, but ongoing operations moved from losses into a £18,000 surplus.
At the Pentagon Glass-Tech arm, demand for SupaGlass, a vehicle window impact protection system, grew on the back of increasing health and safety legislation, as well as rising crime and terrorism.
SupaGlass protects passengers from injury through broken glass, as well as bricks and missiles. It is also specially designed to resist break-ins. Since it can be applied to existing glass, avoiding expensive retrofitting, it is cost-effective. Audi, amongst others in the motor industry, have recently approved the glass for use in its vehicles.
Pentagon, which joined AIM in April 2003 at 3p, boasts a record order book of £1.3 million. In early dealings the shares firmed up five per cent to 8.125p, valuing the business at £8.5 million. This compares with a net asset value of £3.6 million, boosted by the addition of Filmtek and two recent placings at 4.75p and 6.25p a share.
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