GoIndustry figures fall flat but DoveBid deal bodes well
Tuesday, May 06, 2008
Cost saving initiatives and improved sales pipelines were not enough to get pre-tax losses at GoIndustry to budge from last year’s figure of £0.6 million.
Indeed, the company saw revenues slump to £29.1 million from £34.1 million but did make a big post-period move with the acquisition of US-based DoveBid. DoveBid is GoIndustry’s largest global competitor and the number one player in the pivotal North American market.
Chief Executive John Allbrook said that although GoIndustry had made “good progress” in building more solid foundations for profitable growth over the last three years, the acquisition of DoveBid would “certainly transform this business in 2008”.
Allbrook said that apart from the cost synergies, which it expects to be significant, it was the geographic and strategic fit that made the deal compelling.
Elsewhere, Allbrook said the company had been working on stripping out costs on the back of the DoveBid deal as well as getting its sales teams working together on a number of significant opportunities.
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