Original URL: http://www.channelregister.co.uk/2006/08/24/fayrewood_results/
Fayrewood Plc hit heavy weather in Europe in the first half of this year, leaving management considering “options” to maximise shareholder value.
Interim results released today show revenues of £210.05m for the six months ending June 30, down 11.9 per cent on the year. The previous year’s figures include £56.5m from discontinued operations at ComputerLinks Group. Pre-tax profits were £2.96m, down 75 per cent on the year.
The distributor complained of “increasingly testing market conditions Europe wide,” but boasted of reducing its indebtedness through improved working capital management.
Fayrewood saw better than expected performance in France, but Spain was tougher. Its UK-based Interface Solutions business did not show the progress expected, and losses increased year on year. Core enterprise products business was “largely satisfactory” but consumer was not.
The management said “operational changes can be expected over the coming months” though it gave no hints of what changes, exactly. In its outlook, it added it was “examining a number of options for the group with the aim of maximising shareholder value.”
While Fayrewood expects a strong performance in the second half, it does not expect it will recover the shortfall seen in the first half.®
Fayrewood waves au revoir to French periperals unit (21 December 2007)
http://www.channelregister.co.uk/2007/12/21/fayrewood_banque_magnetique_dcc/
Fayrewood in talks with North Atlantic Value LLP (18 December 2007)
http://www.channelregister.co.uk/2007/12/18/fayrewood_north_atlantic_bid/
Fayrewood in bid talks (30 November 2007)
http://www.channelregister.co.uk/2007/11/30/fayrewood_talks/
Fayrewood sells shares in ComputerLinks (26 March 2007)
http://www.channelregister.co.uk/2007/03/26/fayrewood_computer_links/
Fayrewood shuffles board (3 January 2007)
http://www.channelregister.co.uk/2007/01/03/fayrewood_sau_sale/
Fayrewood AGM: warning on profits (15 May 2006)
http://www.channelregister.co.uk/2006/05/15/fayrewood_margins_pressure/
Santa good to Fayrewood (5 January 2006)
http://www.channelregister.co.uk/2006/01/05/fayrewood_q505_update/
Fayrewood bid talks terminated (22 November 2005)
http://www.channelregister.co.uk/2005/11/22/fayrewood_bid_talks_terminated/
Fayrewood still mulling bid proposal (19 October 2005)
http://www.channelregister.co.uk/2005/10/19/fayrewood_trading_update/
Profits jump at Fayrewood (14 March 2005)
http://www.channelregister.co.uk/2005/03/14/fayrewood_results_fy2004/
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