Avid Holdings makes good start to current financial year
Tuesday, August 12, 2008
Michael Walter, the Chairman of Avid Holdings plc told shareholders at the Company's AGM today, that the Group has made a good start to the current year with turnover for the first six months more than 150% ahead of last year.
"All three trading companies have been successfully integrated and are now operating profitably before holding company overheads. The Group overall loss will be significantly reduced.
Our business model, as a consolidator in the precision engineering sector, combines organic growth with carefully targeted acquisitions. This strategy is beginning to deliver synergies and cost savings and, subject to funding, further acquisitions will be made, which should result in long-term benefits for our shareholders."
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