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Synnovia swings to loss after asset writedown, investment spending

Tuesday, 9th July 2019
Specialty plastics product manufacturer Synnovia swung to a full-year loss after it wrote down the value of its C&T International business and spent more on staff.

Pre-tax losses for the year through March amounted to £0.7m, compared to a profit of £2.8m on-year.

Adjusted pre-tax profit inched up 0.1% to £4.2m, as revenue rose 8.7% to £81.6m.

Synnovia declared no dividends for the year.

'FY2019 has been another excellent year for organic growth,' chairman Faisal Rahmatallah said.

'To maintain our momentum, we have recruited and trained new staff, invested in new facilities and equipment, and refinanced our banking facilities post period-end.'

'This has supressed our profitability for the year somewhat as we continue to invest for future growth.'

'We consider this reinvestment policy to be the best approach for the creation of long-term shareholder value.'

Story provided by StockMarketWire.com

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