| AdVal Group plc (“AdVal” or “the Group”), the people performance technology group, today announces its preliminary results for the year ended 31 March 2002.
Highlights
· Turnover up 9% year on year to £5.2 million (2001: £4.7 million).
· Loss before exceptional items, interest, tax, depreciation and amortisation of £0.84 million (2001: £0.21 million profit).
· A year of acquisitions, consolidation and strengthening of our trading platform completing the business building strategy pursued since AdVal floated on AIM in 1998.
· Order book of £3.4 million and further prospects of over £11 million, £6 million of which would fall into the current financial year.
· Re-structuring completed to increase efficiency and productivity: Group structure simplified and £1.5 million of cost savings completed that will impact in the coming year.
· New contracts signed with Department for Work & Pensions, Rank Gaming, National Learning Network, Bank of Ireland and Heads, Teachers and Industry Leadership Centre Ltd.
· Enterprise Management Initiative (EMI) introduced to provide share options as incentives for all staff.
Commenting on the outlook, Sir Jeremy Hanley, Chairman, said:
“Through a combination of organic and acquisitional development, AdVal has reduced the cost base whilst successfully growing the business in very difficult market conditions. Though these conditions remain, AdVal is ideally positioned to consolidate its position as a leader in its field.”
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