Before the 1.14m restructuring charge, net income was 1.33m. But as the companys 2002 results no

longer include amortisation of goodwill due to a new accounting pronouncement, this still compares unfavourably to 2001, which had a retrospective figure of 3.8m.

The decrease was primarily due to rising interest expenses and reduced operating margins. The US group, which owns Field, suffered from higher labour and equipment move costs.

Net sales for the second quarter were up 1% but were down 4% for the first half. The group is on course for year-end turnover of 495m-520m.