A huge drop in pre-tax profits has been reported by British Mohair Holdings, which has a factory at Grove Mill, Ingrow, after a year of unfavourable trading conditions.

Predictions in an interim report issued last September have been borne out by the latest figures - profits down from £869,000 in 1996 to just £460,000 last year.

The group's hand-knitting company, Jarol, transferred its spinning operation from Bradford to Ingrow at the end of the year, and it is expected this rationalisation will benefit the company this year.

Chairman C M Fenton says: "The sustained strength of Sterling has had a detrimental effect on the ability of several of our companies to sell into established export markets. The translation of foreign exchange proceeds into Sterling has adversely affected divisional results, and the market within the UK has also experienced further penetration from foreign imports."

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