Compel maintains return to form
Turnover and profit up
Compel has put in a solid set of prelimary results for the year ended 30 June 2005.
Turnover for the UK reseller grew 25 per cent to £79m and operating profit went up 89 per cent to £2.3m, after exceptional items this was reduced to an operating profit of £400,000.
Margins grew from 8.8 per cent to 9.1 per cent, before shared costs, exceptional costs and goodwill amortisation. The group's purchase of Hire IT in June strengthened its leading position in rental IT equipment.
Sir Michael Bett, giving his last chairman's address, said: "After a marked decline during the early part of this decade, our markets have been stable and have shown modest growth over the last couple of years; we expect this recent trend to continue". He will be replaced by deputy chairman Ron Clark.
Compel shares on twere up 1.3 per cent in early morning trading.
Compel has 375 employees and two divisions - Compelsolve which sells to enterprises and Hamilton Rentals which hires out IT kit, on short-term rental.
The press release is here (PDF). ®