Acquisitions boost Fayrewood sales
Makes £1.45 million for year
Fayrewood spent nearly £50,000 on abortive acquisition costs for the year to April 1998, as well as successfully completing a number of acquisitions. The AIM-quoted computer equipment reseller made £1.45 million profit for the year, with an annualized turnover of £120 million after its acquisition of notebook and peripherals distributor Interface Solutions in May. As well as acquisition costs. Fayrewood was also hit by the strength of sterling, which knocked seven per cent off turnover. Profits at Interface Solutions are expected to be low. Fayrewood operates in a number of European countries, owning Banque Magnetique in France - which is growing strongly, aided by the buoyant French economy, according to the distributor - and ComputerLink in Germany. The Fayrewood results include five months combined with those of the German distributor. The group forecasts £3 million profits for next year.