INTERIM profits at Ferguson International, the packaging, printing and

cable television group, were well below City expectations at #4.17m

pre-tax compared with forecasts of #6m. This time last year, the group

made profits of #6.33m.

Earnings per share dropped to 8.3p from 11.8p but the interim dividend

was unchanged a 4.25p.

Chairman Denis Cassidy said the results had been seriously affected by

external economic factors, particularly the continued lack of consumer

spending in the UK. The two activities, which are mostly based in the

UK, namely labels and printing and publishing, suffered the most with

the labels division processing about the same number of orders but of

lower individual volume and therefore value than last year.