Product category:
Plugs and Sockets
News Release from: Abacus Group
Edited by the Electronicstalk Editorial
Team on 25 November 2002
Hard year for Abacus
Abacus Group has revealed its preliminary results for the 12 months ended 30th September 2002.
Abacus Group has revealed its preliminary results for the 12 months ended 30th September 2002 Profit before tax and goodwill was GBP 9.5 million (2001: GBP 17.1 million), in line with expectations
Sales were GBP 155.0 million, (2001: GBP 201.5 million), in line with expectations.
Gross margin was consistent at 24.7%.
The company's net debt is now GBP 18.5 million, down from GBP 26.0 million.
Commenting on the results, Harry Westropp, Chairman, said: "Although it has been a hard year and the prospects for most companies against the background of a global economic downturn look limited, we consider that Abacus can deliver a return to our shareholders well above the average for our industry.
In due course, when more buoyant conditions return, we believe that the Group will be especially well-placed to benefit".
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