- Holders Technology plunged into the red in the year to the end of November as revenues fell and administrative expenses increased.

The group - which supplies special laminates and materials for printed circuit board manufacture and operates as a LED solutions provider to the lighting and industrial markets - says the overall results for 2014 were disappointing.

It said the three PCB divisions achieved similar revenue to 2013 but with reduced margins.

The NRGstar and Opteon LED divisions both achieved improved revenue and recorded results close to breakeven, but results from Holders Components LED divisions in UK and Germany were behind expectation.

The group posts an operating loss of £357,000 compared with a profit of £105,000 a year ago and a pre-tax loss of £362,000 against a profit of £97,000 last time.

Revenues fell to £13.5m - down from £14.3m - while administrative expenses rose to £3.2m from £3.0m.

Executive chairman R.W. Weinreich said: "The year to 30th November 2014 was particularly challenging for the company. Performance from both the PCB and LED divisions of our business was below the levels we had initially expected for the year.

"The PCB market in 2014 continued to be demanding however the PCB divisions remained profitable. The German division, comprising 74% of Group PCB sales, had a good first half and weaker second half. UK operations were in turn adversely impacted by slower customer demand and the loss of two customers which ceased trading. Results from our small Indian venture were satisfactory. PCB revenues were £11.0m; with margins at 23.1% (2013: 24.0%). "In October 2014 we announced the termination of a major PCB supplier agreement, effective 1st January 2015. Since the announcement the UK PCB division has been significantly restructured. This resulted in exceptional costs of £67,000 in 2014."

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