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Avesco plc Announces Results
Avesco plc, the provider of specialist services to the corporate presentation, entertainment and broadcast markets, has announced its preliminary results for the year ended 31st March 2004. The company was demerged and listed on AIM in February 2004 and the operational management has been restructured.
Group turnover from continuing operations was £53.7m (2002: £56.1m) with an operating loss from continuing operations of £1.3m (2003: £0.2m). Exceptional costs and goodwill amortisation amounted to £5.8m (2003: £5.7m) with a pre-tax loss of £7.6m (2003: loss of £4.5m). Cash inflow before financing remained strong at £2.1m despite gross capital expenditure of £7.5m. Net debt has been reduced to £8.3m (2003: £10.3m).
Ian Martin, chairman, commented: “Since I was appointed, the primary task has been to put in place corrective measures within those parts of the Group which were underperforming, and balancing their cost bases against declining revenues. It was also important to develop a clear strategy for the business which will position us to exploit the opportunities that will undoubtedly arise as market conditions improve.
“The Group is focused this year on its key objectives of improving operating profits and margins, returning a profit and continued infrastructure development from which to build future growth. The expectation is for significantly improved financial performance this year as the full benefit of our much-reduced cost base, lower depreciation charge and more effective management feed through to the bottom line.”
25th June 2004
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