Havelock Europa reduces losses

6th Sep 2011 08:14

Shopfitter Havelock Europa reduced half year losses, increased revenue and said it made progress in securing new business in overseas markets. Group revenue increased by 4% to £42.9m in half year to 30 June 2011. Havelock reported a pre-tax loss of £1.5m compared to a loss of £4.6m in 2010 following exceptional costs of £2.1m.Group net debt was reduced to £17.2m from £19.7m in December 2010.CEO Eric Prescott said he was pleased with the progress made across the entire group and noted the good growth internationally. "We continue to work closely with strong blue chip partners," he said.Revenue in Educational Supplies fell 6% to £3.8m. Interiors revenue in the Interiors business rose by 9% to £29.1m. Point of Sale Printing revenue fell slightly to £10.0m from £10.5m a year earlier, reflecting the ending of its contract to supply Somerfield which following the takeover by the Co-op. Havelock also confirmed that appointment of Paul Davis as business development directorAs previously announced, the board has not recommended any dividend payout in 2011.---CJ