Ingram UK admits £5 million loss

Ingram Micro UK has finally filed its accounts for 1998 and revealed losses of more than £5 million. The UK arm of the distributor recorded a pre-tax loss of £5.1 million for the year ended 31 December 1998, against profits of almost £4 million the previous year. Sales were up 11 per cent at £546 million. The company, which was six months overdue in filing its accounts at Companies House, blamed the losses on "exceptional write-offs related to inventory obsolescence and vendor receivables". According to an Ingram representative, product obsolescence accounted for a write-off £2.4 million, while "vendor receivables" cost the company around £1 million. Back in October, Ingram Micro president for Europe, Greg Spierkel, blamed old management mistakes for the company's UK financial woes, describing the year as "a write-off". In Ingram UK related news, the company said it planned to move its warehouse and operations facilities to the DIRFT Logistics Par near Milton Keynes by September. Its two facilities are currently divided between sites at Wymbush and Brinklow in Milton Keynes. ® Related Stories Ingram late filing results Ingram upbeat despite profit slip