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Novar profits

Building products company Novar was hit by £17 million restructuring costs and poor trading conditions in Europe as profits fell 21 per cent for the six months to June. Pre-tax profits fell to £18.8 million compared with £23.7 million in 2003.Turnover was £726 million - up 3 per cent from £706 million last year. Like-for-like sales growth increased 9 per cent before a £48 million adverse impact from currency movements.