Y2K to blame for Compel profit slump

From £12.7m to £2.08m

Y2K has been blamed for Compel reporting a steep fall in full-year pre-tax profits from £12.7 million to £2.08 million

Sales for the year to June 30 slipped from £293.8 million to £288 million.

The company reported exceptional charges of £1.19 million for a cost-cutting restructuring exercise and for fending off an unwanted bid by rival Computacenter.

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