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HY TO 28/02/99 $1.325m ($1.075m) +23.3% DIV 4.5cps

12:00AM, 9 Apr 1999 | HLFYR

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR
ENDED 28 FEBRUARY 1999
 
Unaudited (NZ$'000)
                                   Current     Previous
                                   Period Corresponding
                                                 Period
OPERATING REVENUE
 Sales revenue                      13,011       11,071
 Other revenue
Total operating revenue             13,011       11,071
OPERATING SURPLUS BEFORE
 BEFORE UNUSUAL ITEMS AND TAX        2,033        1,650
Unusual items
OPERATING SURPLUS BEFORE TAX         2,033        1,650
Less tax on operating profit           708          575
Operating surplus after
 tax but before minority
interest                             1,325        1,075
Less minority interests
Equity earnings
OPERATING SURPLUS AFTER
 TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED
 ISSUER                              1,325        1,075
Extraordinary items after tax
Less minority interests
Extraordinary items after tax
 attributable to members of the
 Listed Issuer
TOTAL OPERATING SURPLUS
 AND EXTRAORDINARY ITEMS
 AFTER TAX                           1,325        1,075
Operating Surplus and
 Extraordinary Items after
 Tax attributable to Minority
 Interest
Operating Surplus and
 Extraordinary  Items after
 Tax attributable  to Members
 of the Listed Issuer                1,325        1,075
EPS                                    6.8          5.5
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY             10,344        9,342
 
 
Interim Dividend: 4.5cps.  Record Date: 07/05/99.  Payable
Date: 13/05/99.
 
As at 28/02/99 the company carried no debt.  Because of the
nature and timing of the build-up of contract work in
progress, the company's working capital and cash flow can
vary significantly.
 
The sales growth reflects both the results of the company's
expansion over the last 2 years and the impact of a more
favourable exchange rate, in particular the US$.  The
increase in the company's manufacturing capacity as a result
of recent expansion has enabled the company to retain more
work in-house and achieve improved profits.  This compares
with the previous corresponding half year where margins had
been adversely affected by a higher than normal level of work
let to sub-contractors, due to several major contracts being
completed simultaneously.  Margins have also been improved
as a result of the lower value of the NZ$.
 
A high proportion of sales over the next 12 months will be
at favourable exchange rates, further boosting sales
revenues.
 
The operating cash outflow of $1.3m for the half year
reflects a build up of contract work in progress and was
anticipated in the last Annual Report.  Scott Technology is
continuing to pursue its policy of growth.  Capital
expenditure on facilities, plant and machinery is ongoing to
ensure the company achieves its growth targets.  Scott
Technology's strong financial performance has enabled it to
expand while continuing to strengthen its balance sheet.
 
Contracts are currently underway for clients in USA, Mexico,
Brazil, Australia and Poland.  The establishment of a Sales
Office in the UK will ensure that contracts from the European
market supplement our existing North American market.