Azlan is finally showing tentative signs of recovery as its finalifficult year. Dearbail Jordan reports. results have been kept afloat by a 76 per cent increase in turnover for its training division.
According to figures for the year ended 4 April, turnover for training reached #37.7 million compared with a figure of #21.5 million last year. Margins jumped 72 per cent to about #28 million. However, the distributor, which is under investigation by the Serious Fraud Office, revealed turnover in products division had dipped eight per cent to #245 million for 1998, compared with last year when products netted #266 million.
The UK fell prey to a downturn in turnover in the products business with a five per cent reduction on a total of #221.7 million, compared with #237 million during 1997.
According to a statement issued on 2 June, the contribution from the profits business had increased 35 per cent.
But the distributor stated that volumes had made slow progress returning to an historic level.
Azlan was in line with a profit warning issued on 27 February, predicting the distributor would break even and fail to meet market expectations of #3 million profit for the second half of the financial year (PC Dealer, 4 March).
The distributor incurred a pre-tax loss of #7.9 million, dating back to results for the first half of the year while profit before tax for the final six months was #500,000.
In a statement, Barrie Morgans, Azlan chairman and CEO, said: '1997/8 was a difficult year for the group as we had to rebuild the foundations of the business.'
Turnover for the whole group remained unchanged at #292 million for this year in contrast to #292 million in its previous results.
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