Sales, operating profit and pre-tax profit were all down in the year to 31 March 2002 compared to the previous 12 months.

But the groups 16.5m investment in new equipment during last year means it wont have to spend any more money this year, allowing it to reduce its high gearing and improve its low interest cover.

Turnover was down 2.2m to 125.5m and pre-tax profit before amortisation and exceptional costs was down 79% to 3.07m. Operating profit before goodwill and exceptionals dropped 63% to 6.4m.

The consolidation of six plants into two cost Wyndeham 1.21m.

Chief executive Bryan Bedson said future market leadership would depend increasingly upon technological leadership.

He also said the group had started to see signs of recovery and that results for the first two months of the current financial year had been encouraging.