Despite substantial restructuring costs and the loss of 150 UK jobs, Amstrad Plc has managed to reduce its losses in the interim period, and founder and chairman Alan Sugar says the outlook for the second half of the year is positive. Pre-tax losses for the six months to December 31 were were 2.8m pounds, including […]
Despite substantial restructuring costs and the loss of 150 UK jobs, Amstrad Plc has managed to reduce its losses in the interim period, and founder and chairman Alan Sugar says the outlook for the second half of the year is positive. Pre-tax losses for the six months to December 31 were were 2.8m pounds, including a 6.7m pound restructuring charge, down from losses of 4.6m pounds last time, while revenue fell 4.5% at 154.1m pounds. The Brentwood, UK-based company announced its plans for the restructuring of Amstrad Consumer Electronics Limited in its last annual financial report. Since then the company has closed its Benelux operation, which ceased trading at the end of December, and its French branch, which closed in January. Sugar stated that restructuring has been undertaken in an orderly way to maximize the value of Amstrad Consumer Electronics, but the closure of European activities has taken longer than expected and subsequently required greater financial backing. Speaking on behalf of Amstrad Nick Hewer said the company was in extremely good shape and looking forward to concentrating on the business generated from its subsidiary companies, Dancall Telecom A/S and Betacom Plc, which have been experiencing increased sales figures and computer direct sales company Viglen Ltd, whose sales matched those of the previous year. Hewer said that the Amstrad Group still has 112m pounds in the bank, and would be making an announcement in March about its new dual band telephones, which Hewer described as a very hot topic. It will pay an interim dividend of 1.25 pence.
