29.01.2009

Sevcon sales down 33%

Tech Ops/Sevcon, the producer of motor control systems for aerial lifts and fork trucks has seen a 33 percent drop in its fiscal first quarter revenues.

Total sales we $6.83 million, a fall of $3.41 million at constant exchange rates the fall was just $2.52 million or around 25 percent. The company lost $900,000 in dollar revenues due to the weaker Euro and Sterling.

The company also reported a Pre-tax loss of $218,000 compared to a profit for the same period last year of $482,000.

Sevcon says that the negative effect of the fall in volume and adverse exchange rates was partially offset by restructuring savings of $457,000.

In spite of the results Matt Boyle, chief executive of Tech/Ops Sevcon, Inc will preside over the Closing Bell on the Nasdaq stock exchange today, in New York.