Affinity reports sales surge, eyes breakeven
- Added:
- Nov 29, 2002
The company generated sales of £57.2m in the period, a near-90% improvement on the previous year, which helped it to reduce its EBITDA loss to £4.6m from £17.2m.
Affinity intends to further slash costs, having identified another £1m that can be removed from its bottom line, despite paring expenses by £4m already. Administrative costs weighed in at £12.4m, around £800,000 less than last year, even though its business increased in size.
The group retained £1.1m in cash at the end of September, and has a £1m working capital facility with its bankers to draw on.
Longstanding Affinity CEO Wayne Lochner was this month replaced by erstwhile UK CEO June May, who has been with the company for nearly three years. Lochner will become a non-executive director in January 2003.
Shares are 6.6% higher at 48.5p, valuing the company at £16.2m.
"www.affinity.uk.com ":http://www.affinity.uk.com
"Email us about this story ":mailto:editorial@netimperative.com