Oval Limited releases annual results
Oval Limited has announced its financial results for the year ending 31st May 2009.
During the course of the year turnover increased from £90.5m to £104.6m, a rise of 16%, somewhat lower than expected due to the ongoing impact of the recession on customers.
Income before tax, depreciation and other costs was up 7%, from £17.4m to £18.7m.
The firm has taken steps to streamline its functions and sliced £5m off of its annual cost base, allowing the first four months of the new financial year to fall within expectations despite continuing weakness in the economy.
Due to an increase in amortisation, funding costs and one-off restructuring costs the firm announced pre-tax losses of £0.4m, down from a net income of £4.6m in 2008.
Chairman Oliver Stocken has described the last 12 months as the most difficult most businesses have ever faced, but added that during that time Oval had managed to reduce its debt and that he was confident the firm would be well-placed to benefit from a future recovery.
Category: Financials, Insurance News
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