Zenith figures hit by costly business review
Friday, May 30, 2008
Zenith Hygiene saw its financial performance dip in the six months to 29 February 2008 as an investigation into “certain issues” in its 2006 and 2007 accounts took its toll.
Zenith, which makes cleaning and non-food ancillary products for the food service, leisure, education and healthcare markets, said the review had taken up a lot of management time and caused significant disruption and cost to the business.
As a result turnover was down 6% to £17.5m but the group loss before tax decreased by 35% to £1.1m, including restructuring and exceptional costs of £0.5m.
Chief executive Gavin Gracie, said: “Whilst it is disappointing to be reporting a loss for the first six months, progress has been made in turning the business around.”
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