Fayrewood gains pounds from new skinny look
Lifts pre-tax profit out of the red
IT distie Fayrewood PLC has returned to the black in 2007 after slimming down its biz units.
For the year ended 31 December 2007 the firm saw pre-tax profit from continuing operations of £936,000 compared to a loss of £242,000 for 2006. Revenue from continuing operations rose to £129.5m compared to £122.3m for the same period a year earlier.
Pre-tax profit before gains from corporate disposals was down to £4.8m from £9.2m a year ago.
Total profit for the year was £5m, compared to £13.7m a year ago.
The firm sold its French peripherals outfit Banque Magnetique SAS to DCC Plc for €12.5m late last year. It also got rid of the remainder of its holding in Computerlinks AG during 2007.
Aim-listed Fayrewood also said today that it remains locked in possible takeover talks with its biggest shareholder, North Atlantic Value LLP.
“This proposal is still under discussion and the board will update shareholders when we reach a more definitive position,” said chairman David Kleeman in a statement.
“In the event that no such offer is received from North Atlantic Value, the Board will explore other tax-efficient methods of returning cash to shareholders.”®