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Devonshire Industries Releases 2010 Annual Report
Hamilton, Bermuda – 02 August, 2010 – In a filing to the Bermuda Stock Exchange (BSX) Devonshire Industries Limited (DEV.BH) released its audited financial report to 31 March, 2010.
In a letter to shareholders, General Manager, Richard Moulder, on behalf of Company Chairman, Barry Hanson, states:
“This year has been another very challenging year for the company – the global recession, the decline in the construction industry and the reduced spending by consumers left sales flat. Further during the last three months of our fiscal year, we had two and a half months of rain and unsettled weather. These factors resulted in a drop in net income by $45,656 or 10.3%.
The company still has strong cash flow and the first quarter of the new fiscal year has been surprisingly strong, however we still are predicting a difficult year ahead.
However the year also has promise with the introduction of the new branding of our manufactured products, an updated website and the introduction of our own colour system.”
Enquiries:
Richard A. Moulder
General Manager (441) 236-4662