Business
Preliminary Results to Dec 07
Preliminary Results to Dec 07.
About this update from Altitude Group Plc
[{"type":"text","content":"\n Dowlis Corporate Solutions plc\n28 March 2008\n\n\nFor immediate release 28 March 2008\n\n Dowlis Corporate Solutions plc\n\n Preliminary Results for the year to 31 December 2007\n\nDowlis Corporate Solutions plc ('Dowlis', the 'Group' or the 'Company')\nannounces its preliminary results for the year to 31 December 2007.\n\nHighlights:\n\n- Results are in line with the November trading statement\n\n- Revenue growth of 4% to £19.7m (2006: £18.9m)\n\n- Underlying operating profit of £0.6m (2006: £1.3m)\n\n- Loss before tax reduced to £0.1m (2006: loss £0.2m)\n\n- Loss per share maintained at 0.3p (2006: loss per share of 0.3p)\n\n- Strong cash generation of £0.9m (2006: outflow £1.7m) leaves the Group\n debt free with net cash of £0.7m (2006: net debt £0.2m)\n\n- Promotional Marketing is expected to benefit from the restructuring\n carried out during 2007\n\n- Information and Exhibitions has a unique offering and a strong market\n position, leading to a good start to 2008\n\n- The Group is well positioned for future profitable growth\n\nColin Cooke, Chairman commented:\n'The Promotional Marketing division is expected to benefit in 2008 from the\nrestructuring changes and investment from 2006 with its new lower cost base. We\nare aware of wider economic factors, but anticipate making further profitable\nprogress in the year.\n\nInformation and Exhibitions has developed a strong market position and a unique\noffering, attributes that are expected to help the division achieve significant\nprogress in 2008. A successful Trade Only national exhibition in January has\nhelped lead to an encouraging start to the year.\nTrading in the early part of 2008 has been in line with our expectations.'\n\nEnquiries:\n\nDowlis\nCraig Slater, Chief Executive Officer 07770 583768\nTim Sykes, Group Finance Director 07734 708385\n\nDaniel Stewart & Company plc\nLindsay Mair 020 7776 6550\nTom Jenkins 020 7776 6550\n\n\nChairman's Statement\nPerformance overview\nGroup sales increased by 4.3% to £19.7m (2006 : £18.9m). This growth was behind\noriginal expectations, following the acquisition of several profitable\nbusinesses during 2006, but was in line with the statement made during November\n2007. Gross margin slipped by one point to 36.9% (2006 : 37.9%).\n\nAfter charges for non-recurring items, software development costs, amortisati...