For the year ended 31 December 2010 the Group′s revenue decreased by £0.5 million (0.6%) to £85.5 million and operating profit decreased by £0.5 million (2.5%) to £19.3 million. However these results partially reflect the movement in the Sterling to Euro average exchange rate which has increased from 1.12 to 1.16. If the 2010 results had been translated at 2009 rates, revenue would have been £87.9 million instead of £85.5 million (increase of 2.2%). On the same basis operating profit would have been £20.0 million instead of £19.3 million (increase of 1.0%). This performance is very satisfactory in this difficult trading environment.
Ongoing cost control, cash and working capital management have continued to be priorities for the Group. The Group has continued to focus on its stock levels and capital expenditure. Cost control has been achieved without any adverse impact on the operational structure of the business.
A more detailed review of this year′s performance is given in the Operational Review and Financial Review in the 2010 Annual Report.
In summary 2010 was a difficult year and trading prospects for 2011 will continue to be challenging but, with the effect of past and potential acquisitions and our multi-service offering, we are in a strong position to face the challenges that will invariably be present. We therefore expect to continue to deliver strong results in the future.
