Bespoke kitchen, bedroom and bathroom furniture manufacturer Smallbone produced promising interim results to June. Founded by its chairman and chief executive Charlie Smallbone in 1976, the company was bought and sold twice before being bought back and floated on AIM in July. Turnover reached £10.7m and pre-tax losses were £229,000 although an operating profit of £40,000 was recorded. The company also operates US-based Paris Ceramics, a designer and supplier of high-quality antique stone and limestone products. In the UK, Paris has been renamed Smallbone Stone. The £2m raised on joining AIM is being used to increase the number of its showrooms. Two, one in the UK and one in the US, opened during the period and another two potential stores have been located, to open in 2005. A new kitchen range called 'Walnut', the first in three years, will be launched in November and new bathroom and bedroom ranges should be ready within 12 months. Smallbone claims the downturn in the UK housing market has not affected the company and sales are in fact stronger than ever, with a forward order book of £14m. Net debt to June was £1m but currently it has a net cash surplus of £500,000. The majority of revenues are banked in the second half and Smallbone is confident the company will reach its forecast turnover of £23m for the year and operating profits are in line to hit £1m. Interesting but speculative.

Smallbone	AIM	£6.87m	27.50p	0.00p
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Smallbone			27/09/2004