API shows signs of improvement but annual losses widen
Wednesday, May 21, 2008
API Group posted substantially wider losses in the 18 months to 31 March as the packaging materials specialist continued a programme of restructuring amid falling sales.
In the 18 month period sales hit £143.8m, with year-on-year figures for the 12 months to March 2008 falling 7.8% to £93.4m. That caused the 18-month pre-tax losses to come in at £7.1m from £1.8m in the 12 months to 30 September 2006.
On a brighter note it said that £2.4m had been saved over the year after an overhead cost reduction programme.
Non-executive chairman Richard Wright said the company had seen the start of a turnaround in its trading performance during the last six months. “The management team has been strengthened, the group's financial position is much improved and the cost base is significantly lower going into the new financial year,” he said.
“Overall, the significant changes at API over the last 18 months, and especially in the last half year, have led to a much leaner and more competitive business.”
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