International distribution and manufacturing firm Unidare has seen operating profit before goodwill amortisation drop to €7.8m from €10.3m to the year-ended September 30, 2003.
Sales fell also from €246m in 2002 to €204m this year.
The company blamed currency translation for the decreases. Profits before tax and exceptional items were down to €5.2m from €7.3m. A dividend payment has been postponed.
The company said that continued uncertainty in the Group’s markets and its investment programme reaching a peak was the reason for the decision.
Chairman Jack Hayes said : "While it will be difficult to match last year’s half-year results due to the disruption costs arising from the relocation of Daalderop’s operations, an initial improvement in our distribution businesses, if maintained, would give us greater optimism for the full year’s results."