Manufacturer of bathroom, kitchen and architectural hardware hit by 'reluctance' of market to accept higher prices
Samuel Heath has reported a drop in operating profits and turnover in its preliminary results for the year ended March 31, 2008.

The manufacturer of bathroom and kitchen accessories and architectural hardware saw profit before tax fall from £1.7m to £1.3m while revenues dipped four per from £12.7m to £12.2m.

The company cited rising commodity prices, challenging market conditions and a 'reluctance in the market to accept higher prices against logical rationale' as reasons for the negative performance.

"All this forces me to anticipate a further significant fall in profits for the coming year," Samuel B. Heath, chairman, said in a statement.

The directors are now seeking approval for the buyback of up to 15% of issued share capital.