Compel declares record profits

Gearing down, cash flow up

Compel has turned in a sparkling set of results, with record full year sales, profits and EPS. The Welwyn Garden City-based corporate reseller saw turnover for the year to 30 June 30 1999 leap 40 per cent to £293.89 million (1998: £210 million), PBT up 41 per cent to £12.7 million (1998: £9.0 million) and earnings per share improved 66 per cent to 36.2p ( 21.8p). The results include an earnings-enhancing contribution from InfoProducts UK, the loss-making rival bought for peanuts in January. Net debt stood at £10.9 million at year end, including £1.7 million due for repayment within one year. Net gearing was 41 per cent. Cash flow improved 83 per cent to £15.5 million, equivalent to 5.3 per cent of turnover (1998: 4.0 per cent). ®

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