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03 Sep 2010
Comments:1
Integrator Bailey Teswaine swallowed a 16 per cent annual turnover decline and a loss of almost £5m during a tough 2010 fiscal year.
The company, which is the IT services arm of construction firm NG Bailey, recently filed results with Companies House. The numbers reveal that sales for the year to 26 February stood at £46.1m – a drop of more than £9m on last year. Net loss for the year was £4.7m, less than half the £9.9m loss endured in FY09.
This year’s losses were largely attributed to a £6.8m write-down investment in s2s, the Cisco Gold partner that Bailey bought in 2008. Despite the declines, Bailey Teswaine’s directors’ report claimed the results provided cause for optimism.
Further reading
“In spite of the difficult trading conditions, the company has performed satisfactorily,” said the report. “Action taken in the previous year, along with continuing cost control, has seen a significant decrease in administrative expenses.”
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Why this company has failed
s2s were a profitable organisation until the acquisition by Bailey's in 2008, within 3 years both s2s and Bailey's Mitel division failed due to poor management and with the lack of forward thinking.
Posted by Tam Shakir | 13 Apr 2011
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