With nearly half of the company's sales in North America and more than 94% to countries other than the UK, First Technology puts its losses down to the weakness of the dollar.
Sales from existing operations fell from £127.6m to £118.8m in the year to April 30 but pre-tax profit was £14.8m, up from £10.4m last time when the company took a £4.9m impairment charge. Two acquisitions were made during the year and two more were completed after the year-end - the biggest being that of BWT, the Canadian gas detection instrument manufacturer, for $260m (£106m) this month.
The shares closed 1% higher at 301½p yesterday. (Source: ft.com)