Business
Preliminary Results
Preliminary Results.
About this update from Altitude Group Plc
[{"type":"text","content":"\n Dowlis Corporate Solutions plc\n29 March 2007\n\nDate: 29 March 2007\nOn behalf of: Dowlis Corporate Solutions plc ('Dowlis' or 'the Company')\nEmbargoed until: 0700hrs\n\n\nDowlis Corporate Solutions plc\n\nPreliminary Results 2006\n\n\nDowlis Corporate Solutions plc, the marketing, information and logistics\nsolutions business, today announces its preliminary results for the year ended\n31 December 2006.\n\n\nOperational Highlights:\n\n\n • Strong performance and successful integration of all businesses acquired\n during 2006:\n - Envoy Catalogue, a promotional product catalogue\n - Ross Promotional Products Ltd, a promotional gift company\n - Customer Focus (Software) Ltd (since renamed Industry Software Ltd), a\n provider of marketing driven business software for SMEs\n - Distinctive Ideas Ltd, a promotional gift company\n • Successful launch of PromoServe in Europe January 2007\n • Appointment of Barrett Bedrossian as the Group's Finance Director and\n Craig Slater as a non-executive director\n • Comprehensive review of business undertaken and decision taken to\n structure Group under two divisions - Promotional Marketing and Information\n & Exhibitions\n\n\nFinancial Highlights:\n\n\n • Pre tax profits before goodwill amortisation and operating exceptional\n items for 12 months to 31 December 2006 of £1.3m (**2005: £1.3m)\n • Turnover for 12 months to 31 December 2006 of £18.9m (2005: £19.8m\n restated)\n • Turnover for the continuing Information & Exhibition businesses up 20%\n to £2.29 million (2005: £1.91 million) / Pre tax profits up 153% to £0.51\n million (2005: £0.21 million)\n • Operational cost savings on like for like basis expected to be in a\n region of £0.5m p.a. following review of profitability of promotional\n products business\n • Balance Sheet almost ungeared, after funding acquisitions\n\n\n\nCommenting on the Group's first full financial year as an AIM listed company,\nColin Cooke, Chairman, said:\n\n\n'2006 was a year of further progress for Dowlis Corporate Solutions. In\nparticular, the Group has demonstrated its ability to make a number of strategic\nacquisitions and to integrate those businesses successfully within the Group.\n\n'There are a number of significant opportunities for the Group to make further\nstrategically important developments and I am confiden...