Phoenix Consolidated Industries which contributed more than half of the revenue of Apex Corporation had a good first half with only one business unit, William Smith & Gourock suffering from lack of major contractual orders.
The company generated $3 billion in sales, more than three times the $847.6 million it made in the first half of last year. Trading profit increased from $152.5 million to $998.9 million with net profit at $747.6 million, up from $108.3 million.
The company also benefited from the new exchange rate which saw exports account for 22 percent of turnover, an increase from 18 percent for the year ending October.
Volumes at Phoenix Brushware increased though price controls on packaging led to a slight drop in volumes. Premier Products saw an increase in volumes especially in the executive range of bathroomware. A new line of plastic storage tanks will be introduced in the final quarter to boost sales, especially for the export market.
The introduction of an export support price provided a major boost for Scandia Wire which has a major market in South Africa. Demand for diamond mesh in Botswana has exceeded capacity and an additional machine has been sourced.
JW Searcy also continued to increase volumes and gained a new major customer for screening. A major export drive has been launched to recover reduced volumes for William Smith & Gourock. It has added industrial gloves to its range of protective clothing.