Sprue Aegis makes strong return to profitability in H1
Source - SMW
Sprue Aegis said it has made a positive start to the year with an an expected strong return to profitability in H1 2017 building on the steady progress delivered by the Company in the second half of 2016.
Executive chairman Graham Whitworth continued that the combination of a significant improvement in gross margin and a net reduction in overheads was expected to contribute to a much improved financial performance by the group in H1 2017 compared to H1 2016.
"Despite the recent modest currency fluctuations (Sterling v US Dollar and Sterling v Euro), the Group remains well positioned to deliver full year adjusted operating profit in line with market expectations," he said.
"The new manufacturing and distribution arrangements announced by the Company on 31 March 2017 are progressing well."
Whitworth added that these transformational initiatives would further strengthen Sprue Aegis' offering in the key markets it served across Europe and greatly enhance its ability to accelerate growth and maximise shareholder value in the medium to longer term.