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Under-powered auto division drags down sparkling performance

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Lynx Holdings plc has posted strong preliminary results, despite the poor performance of its automotive systems business. Turnover was up by 50 per cent from £120.75 million to £180.75 million,sending pre-tax profits soaring 35 per cent from £9.8 million to £13.25 million. "These results demonstrate our ability to deliver sustained profits and earnings per share growth," said chief executive Richard Last, in his first statement as chairman. Contributions from the company's financial systems business were a highlight of this year's record performance. But the automotive systems business under-performed, failing to make much impact on profit. Lynx Tesoft, the company's automotive systems business in Spain, was the sole high point in this sector. It continued to dominate the market there, supporting no fewer than five of the country's top six motor manufacturers. Software and systems accounted for £60.86 million of the company's turnover, generating an operating profit of £8.11 million. Lynx's computer services division had another good year increasing turnover by 46 per cent to £124.57 million. The group has been active over the last year making a number of acquisitions including Globelle, Clifton Reed Training, Tenhill and Dataware. Earlier this month the company acquired High Wycombe-based computer and telephony integration company Exepos for £3.3 million. ®

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