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Hasgrove headline pre-tax profits fall
Thursday, 26th April 2012
Headline pre-tax profits at digital and communications services group Hasgrove fell to £0.7m in the year to the end of December - down from £2.0m last time.Revenues rose 2.4% to £22.8m but gross profits fell to £16.5m from £17.1m and the group posts a pre-tax loss of £3.0m against a profit of £1.1m previously.
Chief executive Paul Sanders said: "The impact of the economic climate has meant a challenging year for Hasgrove.
"However, the group's restructuring and focus on digital communications have resulted in improved controls and operational efficiencies which are already making an impact.
"We are pleased to have significantly reduced our net debt and to be making good progress with client projects so far this year.
"More than 25% of the group's expected profits for 2012 have been generated in the first quarter, substantially more than in previous years.
"Our confidence in the group's potential is reflected by the doubling of the dividend."
At 9:02am: (LON:HGV) share price was +1.5p at 30.5p
Story provided by StockMarketWire.com
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