Maxima's profits slump

VAR's full-year results reveal slide in profits and revenues during 2010 fiscal year

Results in: Maxima reduced its net debt in 2010, despite profit downturn

VAR Maxima Holdings has seen its revenues and profits slide during the past year, according to its full-year fiscal results.

The reseller posted revenues of £51m for the year to 31 May, down from £56.6m last year. Additionally, the firm's adjusted pre-tax profits fell from £7.1m to £4.9m during the same period.

Despite this, the firm’s net debt decreased by nearly £4m year on year to £11.8m. Meanwhile, the number of new customers making use of its services has risen from 87 in 2009 to 119 this year.

Graham Kingsmill, chief executive at Maxima, said the company’s results were encouraging.

“"There are encouraging signs of recovery in those parts of the business that we have identified as being core competencies for Maxima," he said.

“Enquiries, pipeline and order intake improved in our core areas through the year as a result of increased focus, rigour in sales execution and new skills being added to the business."