While rest of Britain partied, Probrand spent Olympic year recovering
Sales and profits rise after 2011 slump
2012 was a year of excitement for many in Blighty, with business getting a boost from both the Queen's Diamond Jubilee and the Olympics, but for Birmingham-based reseller Probrand it was a year of recovery.
After a dramatic calendar 2011, when the firm deliberately exited low-margin high volume sales in the public sector - and paid for it with a double digit slump in turnover and profit - things improved greatly in 2012.
Revenues moved up by 3.4 per cent to £37.8m but operating profit returned with a vengeance, up more than 57 per cent to £548,000 as gross margins grew.
In terms of current assets, stock holdings dropped by more than £100,000 to £132,000, debtors were almost flat at £4.9m and cash at hand more than doubled to £1.07m.
The average number of employees fell from 71 to 67 during the year but wage and salaries were largely flat on the previous year at £1.77m.
The firm pushed up gross margin from 10.8 per cent to 11.1 per cent and in a statement sent to The Channel, commercial director Chris Griesbach said this was due to upping its sales mix with less tight private sector customers.
"We maintain a 60/40 split of public to private sector business," he told us.
Probrand plans to up staff training in this calendar year and recruit additional heads. ®