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Outlook remains gloomy at Anite
IT services group Anite has reported yearly pre-tax losses of £112.5million.
The figure compares with a profit of £5.8million a year ago. Underlying profits in the year to April 30 fell by over a third (38%) to £18.6million.
In the travel sector turnover was £32 million, up from £29.8 million in 2002 with profits of £6.8 million compared to £5.8 million a year ago. Of its four business divisions (travel,public sector, telecoms and consultancy), travel had the highest profit margin at 21.3%.
Commenting on the travel division, interim chief executive David Thorpe, who took over after John Hawkins was ousted in May, said: “Performance in the current year is expected to continue to be impacted by the tough travel market conditions which are inevitably leading to the deferral of customer projects, mitigated in part by our strong market position and cost cutting.”
Across the company Mr Thorpe said that trading remained slow, although in line with expectations.
He said: “As markets remain tough with no immediate signs of improvement, a similar trading pattern to last year is expected in the current year.
“First half profits will be less than those of the first half of the previous year as a result of further restructuring and continued development spending.”
In a bid to cut costs the company is making up to 150 job cuts, which will impact on its travel, public sector and telecoms divisions.
See our previous stories:
23 May 2003Anite chief leaves after profits warning
23 Jan 2003Travelink poaches Anite client
13 Jan 2003 Anite appoints new finance director
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